Slack co-founder recalls hour-long meeting with Marc Benioff before $27.7 bn sale

In late 2020, Slack co-founder Stewart Butterfield met Salesforce chief Marc Benioff for only about an hour before the $27.7 billion acquisition was announced. The final encounter was cut short when Matthew McConaughey, who is paid $10 million annually to represent Salesforce, entered the room. The deal offered Slack shareholders $45 a share, more than double the stock’s $22 level, and became the second-largest software purchase at the time.

Inside Slack, employees observed that Benioff did not use the platform and had limited understanding of its value. Salesforce’s sales teams similarly struggled, leading them to sell products they were familiar with, according to former CTO Cal Henderson. Butterfield grew frustrated with costly celebrity engagements and travel cuts, culminating in a contentious Davos panel with will.i.am that prompted his departure. He announced his exit in December 2022, with Lidiane Jones later assuming the Slack CEO role.