Marc Benioff, Chairman and Co-Chief Executive Officer of Salesforce.com Inc., will speak at the Dreamforce meeting in San Francisco on November 19, 2019. At Salesforce’s annual software conference, we’ll introduce new products and discuss our commitment to social goals. It was suspended for the second consecutive year due to protests against the company’s cooperation with the US government.
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Investing through the Salesforce Ventures unit, Salesforce still owns shares in five public companies, including: Robin hood When Monday.com, Filing show. The company previously unloaded 95% of its Snowflake stake and reduced its stake to $ 35 million at the end of 2021. Salesforce sold the remaining shares in the first quarter when Snowflake plunged 32%.
Salesforce hasn’t reported the latest quarter results yet, but the number of other large companies investing in peers is skyrocketing. Billions of dollars lost From those possessions. Similarly, Salesforce needs to consider mark-to-market accounting after recording a return on investment of $ 3.38 billion over the last two years of tech stock spikes.
Snowflake was a big Salesforce investment at the time of the transaction.Snowflake Debuted on the New York Stock Exchange In September 2020, it was the largest software IPO at the time. Salesforce bought 2.1 million shares at the IPO for $ 250 million and invested with Warren Buffett. Berkshire HathawayMade the same size bet.
With the IPO pop and subsequent rallies, Salesforce shares have exceeded $ 520 million. Salesforce had Similar luck After investing in Zoom’s IPO the previous year.
However, inflationary pressures and concerns about interest rates hit the tech industry, causing all cloud software to move south in late 2021. Losing money companies like snowflakes have been hit hardest, but companies that have benefited from the pandemic boom in remote work are also working to reopen their offices.
Still, Salesforce has shown considerable rewards for that investment. The stock was sold at the IPO for $ 120 and traded between $ 164.29 and $ 344 in the first quarter. Salesforce had already closed most of its position by mid-2021 and sold it when the majority of its shares were trading well over $ 200.
Salesforce personnel didn’t immediately respond to requests for comments.
At a show supported by Snowflake CEO Frank Slootman and Salesforce Co-CEO Marc Benioff Provide a blurb For Throatman’s book “Rise of Data Cloud”. “It tells the amazing story of Snowflake rethinking the concept of data warehousing and creating a truly innovative cloud platform,” said Benioff.
Snowflakes have been falling since Salesforce sold out. This year’s share price has fallen 53% so far, dropping to its lowest level since the IPO on Wednesday. Stock prices have risen in the last two days as tech stocks have rebounded.
In late April, Wolfe Research began reporting equivalent to a purchase rating, stating that Snowflake offered “the best SaaS products” and that stocks were trading at “Black Friday prices.”