Activist investor Starboard reveals stake in Salesforce, sees significant opportunity

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Jeffrey Smith, CEO of Starboard Value LP and Chairman of Papa John’s International Inc.
Brendan McDermid | Reuters

Starboard Value LP has taken a stake in Salesforce,David Faber.

Dow-component Salesforce jumped 7% in premarket trading Tuesday.

Shares of Salesforce have fallen more than 40% this year. The company in August gave a disappointing forecast for fiscal 2023, partly due to negative foreign-exchange impact.

Smith told Faber the stake is significant without specifying the dollar amount.

Smith has remained a prolific activist investor even during the pandemic, calling for changes in Humana, Kohl’s, Mercury Systems and others.

The Starboard CEO will be on CNBC at 10:15 a.m. ET to talk more about the new stake.

Starboard Value manages about $6.2 billion in assets, according to filings through the first quarter of 2020.

This is breaking news. Please check back for updates.

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