Slack shares soar following report of possible Salesforce acquisition

Technology

Stewart Butterfield (C), co-founder and chief executive officer of Slack, and Allen Shim (2nd L), chief financial officer of Slack, ring the opening bell the New York Stock Exchange (NYSE), June 20, 2019 in New York City.

Drew Angerer | Getty Images

Shares of Slack rose more than 29% Wednesday following a Wall Street Journal report that Salesforce held talks to buy the company.

Salesforce shares dropped more than 4% on the news.

The deal would likely value Slack at more than its market cap of $17 billion, according to the report.

A deal is not guaranteed and the talks could call through, the Wall Street Journal reported.

Shares of Microsoft, which competes with Slack through its Teams offering, dipped slightly.

This is a developing story. Please check back for updates.

Subscribe to CNBC on YouTube.

Products You May Like

Articles You May Like

China’s solar, EV surplus could be dumped on global markets
What footage from the Moscow attack tells us about how it was carried out | World News
9 Best Smelling Lotions for Men – Great New Scents For 2024
Baltimore bridge collapse: Audio of first responder call emerges – ‘the whole bridge just fell down’ | US News
Thames Water shareholders blame Ofwat as they pull funding | Business News