Salesforce walks away from bid to buy Twitter

A few weeks ago, word got out that Twitter was in the process of seeking buyout offers from a handful of big companies, potentially including Google, Microsoft, Verizon, and even Disney. Unfortunately for the social network, one of the biggest candidates, Salesforce, has revealed that it’s “walking away” from any plans to make a serious acquisition bid. In an interview the Financial Times, Salesforce CEO Marc Benioff said that Twitter “wasn’t the right fit for us.”

This announcement likely comes as a big blow to Twitter, as it was reported that the company was eager to reach an agreement before the end of this month. When the talk about bids first surfaced, Verizon quickly stated that it wasn’t participating, while Google and Disney both walked away without making offers. There was a rumor that Apple was a potential buyer, but at this point it seems like that was hopeful thinking.

The value of Twitter’s stock was reported to have dropped around 6% after the Salesforce statement was revealed on Friday, marking another blow to the social network that has been facing a constant struggle against a lack of user growth and consistent ways to make a profit.

The reasons Benioff mentioned for Salesforce declining to make a bid included a difference in company culture, and a disagreement on the price.

Twitter currently has an investors meeting schedule for October 27th to discuss earnings, so there’s a good chance we’ll hear more about what happened with the failed bids or what the next plans for an acquisition are.

SOURCE: Financial Times, Reuters