Elliot ditches plans for Salesforce proxy battle

Activist hedge fund Elliot Investment Management has decided not to proceed with its planned director nominations at Salesforce Inc, after a rise in the company's stock price and the initiation of a series of strategic changes at the enterprise software firm, according to a report by Bloomberg.

In a joint statement issued on Monday, the companies said that Elliot's decision was prompted by  Salesforce's "strong" 2023 fiscal year report and "clear focus on value reaction”.

Salesforce is one of the S&P500's top performers so far this year with shares up 43% YTD after the company beat profit forecast estimates, doubled its stock buyback plans, and indicated that its large acquisition strategy would be put on hold.  

In the joint statement, Elliot, which took a multibillion-dollar stake in the software maker in January, and Salesforce said they “have committed to continue the productive working relationship they have developed together”.