The parent of Indianapolis-based Salesforce Marketing Cloud has ruled out a bid to purchase Twitter (NYSE: TWTR). Salesforce.com Inc. (NYSE: CRM) Chief Executive Officer Marc Benioff tells The Financial Times the potential deal "wasn’t the right fit" for the company.
Salesforce joins other companies such as Google and Disney who have opted not to make a bid for the social networking site. The publication says Benioff’s decision leaves the sale process "virtually dead."
Twitter’s stock has dropped more than 6 percent since the announcement.