The last serious contender for Twitter (TWTR) has reportedly taken itself out of the bidding process, and shares of the embattled microblogging company have fallen sharply in the wake of the news.
“In this case we’ve walked away. It wasn’t the right fit for us,” Marc Benioff, chief executive of Salesforce.com (CRM), said in an interview with the Financial Times.
Shares of Twitter dropped more than 7 percent, and were lately down $1.23, at $16.55 a piece.
The cloud software company was viewed as the most likely potential buyer for Twitter after other possible acquirers, including Alphabet’s Google (GOOG), Microsoft (MSFT), Verizon (VZ) and Walt Disney (DIS), formal offers.
Twitter’s advisers continue to look for other potential acquirers, according to the Financial Times, which cited two people briefed on the matter. However, the sale process is no longer viewed as viable, the newspaper reported, citing a person close to Twitter’s senior management.