Salesforce CEO Marc Benioff has walked away from bidding on Twitter, he told The Financial Times on Friday.
“In this case we’ve walked away,” he said. “It wasn’t the right fit for us.”
Salesforce shares are up almost 5% on the news, while Twitter is down about 6%.
Benioff expressed disinterest to investors about making a bid last week, but this is the first time he’s shot the idea down directly.
“We look at everything.” he said at Salesforce’s Dreamforce conference last week. “And we don’t buy most things, and we haven’t agreed to buy that company… it’s an unpolished jewel.”
Salesforce was the last remaining bidder for Twitter after Disney and Google lost interest last week. Twitter had told would-be acquirers that it wanted to conclude negotiations by the time it reports its third-quarter earnings on October 27.
Rumours about Salesforce’s interest in the struggling social network began when CNBC said it and other potential suitors were mulling bids in late September.