Why Salesforce (CRM) Shares Are Soaring Today - Salesforce (NYSE:CRM)

Dan Loeb's Third Point LLC became the fifth known activist shareholder with a stake in Salesforce Inc CRM.
Third Point joins Elliott Investment Management LP, Starboard Value LP, ValueAct Capital Partners LP, and Jeff Ubben's Inclusive Capital as an investor in Salesforce, beset by slowing growth and executive turnover, the Wall Street Journal reports.
Elliott has a multibillion-dollar stake in Salesforce and is prepared to nominate a slate of directors to the company's board.
Third Point is known for taking stakes and pushing for change at blue-chip companies, including Walt Disney Co DIS.
Salesforce recently named ValueAct's CEO Mason Morfit to its board along with Arnold Donald, the former CEO of Carnival Corp CCL, and Sachin Mehra, the CFO of Mastercard Inc MA.
In January, Salesforce shared plans to lay off 10% of its workforce and cut office space in some markets after the pandemic's rapid hiring caused an economic downturn.
Co-CEO Bret Taylor departed in January. Stewart Butterfield, the CEO of Slack Technologies, also recently left the company.
Salesforce faced flak from analysts for making 72 acquisitions since 2006, according to FactSet.
Price Action: CRM shares traded higher by 3.11% at $174.95on the last check Thursday.

More Activist Stake Revealed In Salesforce, This Time Dan Loeb's Third Point