Shares of salesforce.com, inc. CRM traded as low as $66.77 on October 5 as the company was said to be interested in acquiring Twitter Inc TWTR.
Salesforce's investors clearly demonstrated their frustration by selling the company's stock. Meanwhile, Twitter's declining popularity and disappointing user growth has been well communicated.
Salesforce's investors were offered partial relief on October 5 when Benzinga Pro reported that Salesforce's largest holder, Fidelity Management, wouldn't be happy if the company proceeds with an acquisition of Twitter. According to sources, Fidelity believes an acquisition of Twitter isn't in the best interest of shareholders.
Related Link: Exclusive: Salesforce's Largest Holder Does Not Want Company To Buy Twitter
Salesforce's stock closed off its lows on Wednesday, October 5, at $68.42. The following day the stock traded above the $70 per share mark and closed at $71.26.
On Friday, October 7 Salesforce's stock dipped slightly lower and closed at $70.91.
However, Salesforce's stock opened for trading on Monday at $73.58. After less than 90 minutes of tradin, shares soared higher by more than 6 percent at $75.26.
Benzinga's report was reiterated by Bloomberg, which reported that Salesforce, along with other names who reportedly were interested in a deal to acquire Twitter will not proceed with a bid.
Following the Bloomberg report, Twitter's stock was trading lower by more than 13 percent.
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