Marc Benioff, cofounder and CEO of Salesforce, attends a session at the Congress centre during the World Economic Forum in Davos, Switzerland, on January 17, 2023.Fabrice Coffrini | Afp | Getty ImagesDan Loeb’s hedge fund Third Point has built a position in Salesforce, expanding the group of activists circling the business software maker, CNBC has confirmed.The news comes two weeks after Salesforce said ValueAct Capital CEO Mason Morfit will join its board in March. Elliott Management and Starboard Value have also disclosed positions in recent months.related investing newsSince, which joined the Dow Jones Industrial Average in 2020, has faced high-profile departures and slowing revenue growth of late and dealt with criticism for buying companies such as Slack and Tableau at high multiples. In November, Salesforce gave weaker-than-expected quarterly revenue guidance. ValueAct’s Morfit said in a statement last month that he looks “forward to helping them deliver profitable growth and shareholder returns.”Shares of Salesforce underperformed in 2022, declining almost 48% while the S&P 500 fell 19%. Starboard said in a presentation in October that Salesforce was trading at a discount to its peers mainly because of a “subpar mix of growth and profitability.”On Jan. 4, Salesforce shares rose more than 3% after the company announced a plan to cut 10% of employees.”The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” Marc Benioff, Salesforce’s co-founder and CEO, wrote in a letter to employees.The Wall Street Journal reported on Third Point’s investment on Wednesday.Last year, Third Point took a stake in Disney, and later reached a deal with the media company that included the adding of former Meta executive Carolyn Everson to its board of directors. In 2020, the firm in …
