Amid the tumultuous takeover of Twitter by Elon Musk, Salesforce co-Chief Executive Officer Bret Taylor has found himself among the many whose ties to the social media company have been severed. In addition to firing thousands of employees, Musk dissolved the company’s board of directors, of which Taylor has served as chair since Jack Dorsey left the company in November 2021.
Now, relieved of his position, the executive can focus his energy on Salesforce full-time again.
Taylor’s tenure with Twitter quickly devolved into chaos when Musk, already CEO of Tesla and SpaceX, made a $44 billion offer to buy the platform — less than six months into Taylor’s tenure as board chair. Meanwhile, Salesforce has suffered a 34% drop in its stock price in 2022, joining other SaaS companies in losing steam.
In October 2022, Starboard Value purchased an undisclosed stake in the CRM company in hopes of increasing its value and reaching $50 billion in revenue by 2026.
Salesforce reported revenue north of $7.7 billion in its most recent earnings report at the end of August, putting it at $30 billion for the year, but that’s still a far cry from hitting the $50 billion mark in just a few short years.