Jeff Ubben's Inclusive Capital takes a stake in Salesforce as more activists target the software giant

Signage on a Saleforce office building in San Francisco, California, U.S., Tuesday, February 23, 2021.

David Paul Morris | Bloomberg | Getty Images

Jeff Ubben’s Inclusive Capital took a stand in Selling poweraccording to sources, CNBC David Faber reported Monday.

It’s unclear what his presence will mean for the cloud-based software company.

Salesforce has also attracted interest from activist investor Elliott Management, which has made a multi-billion dollar investment, the Wall Street Journal reported Sunday evening. In October, Starboard Value announced an undisclosed stake in Salesforce, saying the company was suffering a valuation discount due to a “mix of below-average growth and profitability.”

Salesforce is restructuring amid slowing growth and recession fears. Earlier this year, the company announced plans to cut jobs by 10%, or 700 employees, and closing some offices.

Salesforce said it expects employee restructuring to be completed by the end of fiscal 2024 and real estate restructuring to be completed in fiscal 2026.

The company had grown rapidly during the pandemic and previous years as cloud adoption skyrocketed. It has also made major acquisitions such as Slack and Tableau.

The company’s stock price has climbed 14% this year, but fell more than 30% last year.

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