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Monday, February 27, 2023
Today's newsletter is by Brian Sozzi, Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Read this and more market news on the go with the Yahoo Finance App.
Salesforce is facing a defining moment in its 24-year history.
Growth is slowing. Analysts are worried fundamentals will get worse before they get better as companies curtail tech spending amid a sluggish global economy. A fresh round of layoffs at Salesforce have just been uncorked....at a company that has only known aggressive hiring. Employees are questioning leadership at the tech titan.
Co-CEO Bret Taylor is no longer co-CEO of Salesforce — instead he's off to launch an AI startup the serial entrepreneur tells me. Slack founder Stewart Butterfield, who stayed on when the company was acquired by Salesforce, is still founder...but no longer with the parent company.
Salesforce co-founder Marc Benioff is back at the CEO helm, after attempting again to pullback from day to day duties (by delegating to a co-CEO) and focus more on his vast philanthropic ventures.
To top it all off the company is staring down the barrel of five sharks in the field of activist money management: Elliott Management, Starboard Value, Inclusive Capital, ValueAct, and Third Point.
This is an unprecedented activist versus public...
stage at the Ninth Circuit, where pharmaceutical companies say a momentous new ruling "illustrates perfectly" the constitutional concerns of U. S. Supreme Court justices regarding FCA enforcement. ...