The most likely bidder for Twitter has walked away, leaving the social network with few deal-making options as it tries to reverse its fortunes.
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Salesforce has declined to pursue a takeover, its chief executive told The Financial Times.
âIn this case, weâve walked away,â Marc Benioff, Salesforceâs chief executive, said in an interview with the newspaper. âIt wasnât the right fit for us.â
Shares of Twitter, which stabilized recently in the hopes that Salesforce might still make a bid, dropped more than 6 percent in early afternoon trading on Friday, to $ 16.70.
And shares of Salesforce, which had sagged as concerns rose that Mr. Benioff would brush aside investor concerns about any such bid, rose 4.4 percent, to $ 73.74.