As its stock slumps and layoffs mount at San Francisco's largest tech company, another prominent Wall Street shark is beginning to circle.the investment firm announced Monday
. The exact amount is not yet been disclosed but is estimated to be a"multibillion-dollar stake" in the company. “Salesforce is one of the preeminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for Marc Benioff and what he has built,” said Jesse Cohn, managing partner at Elliott in a statement. “We look forward to working constructively with Salesforce to realize the value befitting a company of its stature.”Elliott has been involved in pushing for changes at tech companies ranging from Paypal Holdings Inc., Pinterest Inc.
Salesforce's market capitalization is now $151 billion, down from a peak of more than $300 billion in 2021, and the company just instituted a significant round of layoffs. The company stated in an SEC filing at the beginning of 2023 that it would cut roughly 10% of its nearly 80,000-person global workforce and reduce its office space in some markets. Locally, that translated to a total of 752 employees across its offices in the city, according to a notice under the federal Worker Adjustment and Retraining Notification Act filed Jan. 4.