San Francisco-based tech company Salesforce lost tens of billions in valuation this week, all after the company showed less-than-impressive growth in a quarterly financial report. Salesforce, which saw $31.35 billion in revenue in 2023, usually sees its stock hover around the $270 range. However, after the quarterly report was released, the stock took a deep dive. As of 4 p.m. on Wednesday, the stock value sat at $272.62. On Thursday morning, Salesforce's stock price opened at $221.
For a company like Salesforce, the choice to invest in stocks made great sense, until this week. This crash in stock value comes just two weeks after Salesforce CEO Marc Benioff wrote to stockholders about the "remarkable year of transformation" the company is experiencing.
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