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Business

Salesforce says Twitter 'wasn't right for us'

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Opening Sequence

Business

Salesforce says Twitter 'wasn't right for us'

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COMING UP:Salesforce says Twitter 'wasn't right for us'

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Transcript

00:00:01
>> Yet another potential buyer shirking away from a deal for Twitter. After weeks of speculation, Salesforce CEO Marc Benioff ruling out a bid, telling the financial times that Twitter quote, wasn't the right fit for us. Twitter stock plunging on the news, but Salesforce shares moving higher Friday. Reuters tech editor Jonathan Weber from San Francisco.
00:00:24
>> Salesforce took a hard look. Salesforce shareholders had a very poor reaction to the idea of Salesforce buying Twitter. The fit has never been particularly obvious. I mean, Twitter is a consumer media company, and Salesforce is a business software company. Now there are some things that Salesforce can do with Twitter data and things like that.
00:00:45
But they don't necessarily have to buy Twitter to do those things.>> Reuters previously reported that Google and Disney had also backed away from making offers for the social media company.>> In some ways, the whole sale process around Twitter, there's been a lot of more noise than action from the very beginning, so we're kinda back where a lot of people thought we were gonna be, which is that they're not gonna be sold this year.
00:01:07
And if they can turn it around, fine, and if not, the stock will go down further and they'll get sold next year.>> Since Twitter's creation nearly a decade ago, the company has struggled to turn a profit despite its growing presence as a source of news, putting a lot of pressure on CEO Jack Dorsey.
00:01:25
>> He's been in about a year since he returned to the company. His initiatives have not really born fruit in terms of user growth or revenue growth, or any other kinds of metrics that people look at. He's also still the CEO of two companies, including Twitter and Square, which many people thought was an inappropriate relationship to begin with.
00:01:45
And I think that is going to come under a lot of scrutiny as well. So he's really probably got a pretty short period of time to turn things around.>> Sources say Twitter hoped to conclude deliberations about selling itself by October 27th, when it reports its third-quarter earnings.