1/23, 1:33 AM (Source: TeleTrader)
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Elliott invests billions of dollars in Salesforce

Elliott Management Corp. has invested billions of dollars in Salesforce Inc., the Wall Street Journal reported on Sunday citing sources familiar with the decision.

"Salesforce is one of the preeminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for [Co-Chief Executive] Marc Benioff and what he has built... We look forward to working constructively with Salesforce to realize the value befitting a company of its status," Elliott managing partner Jesse Cohn was cited as saying.

The investment comes after Salesforce announced earlier this month it would cut 10% of its workforce, or about 8,000 employees, and close some offices amid the global economic slowdown.

Baha Breaking News (BBN) / ND