Salesforce shares have slid to levels not witnessed since pre-Covid following a series of high profile executive resignations.
The software company’s share price, down 48% this year already, has dropped 12% over the past five days with news Monday that Slack chief executive Stewart Butterfield is leaving less than a week after Salesforce co-CEO Bret Taylor quit.
Last year, Salesforce acquired Slack in a $27bln deal following on from the $15.3bln acquisition of Tableau in 2018.
Tableau chief executive Mark Nelson and Gavin Patterson, Salesforce’s strategy chief, as well as Slack’s product chiefs also announced they are heading for the exit.
Slack rose to prominence through the pandemic, as workers stayed at home and the online communication app found itself in workplaces all over the globe.
Salesforce’s stock rallied to highs of $310 in November following the Slack acquisition in July 2021, but now sits at $133 a drop of 57% value since the post-merger high.
Slowing revenues have spooked investors, with third quarter revenue rising growth of 14% the lowest since 2004 and forecasted to continue slowing in the fourth quarter to 8-10%.
Rivals Oracle and SAP have seen their share prices fall by an average of 17% this year.