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No buyers for Twitter as Salesforce quits race

Twitter’s last potential buyer Saleforce has decided not to bid to buy Twitter. The news was confirmed by Salesforce CEO Marc Benioff.

  • Updated: October 15, 2016 1:23 PM IST

In a bad news for Twitter, its last potential buyer Salesforce has decided not to make a bid to buy the struggling micro-blogging website. Salesforce CEO Marc Benioff told the Financial Times that he has “walked away” from making a bid to buy Twitter. Earlier, Google, Apple and Walt Disney also decided not to bid for the website.

Twitter stocks fell significantly this week after Google and Walt Disney reportedly ruled out to acquire the struggling micro-blogging platform. Twitter is expected to announce its next quarterly earnings on October 27. The acquisition of Twitter — struggling to add new users amid stalled growth — may cost over $20 billion. It currently has 313 million monthly active users.

Salesforce was vying for a social networking platform in its kitty for long, and it will cost it over $20 billion. The company, “which reached $6 billion in annual revenue faster than any other enterprise software company”, offers customer service software, market research tools, email marketing systems and other products and several of them already use social media.

  • Published Date: October 15, 2016 1:00 PM IST
  • Updated Date: October 15, 2016 1:23 PM IST