Salesforce

Oct. 18 (UPI) — Salesforce CEO Marc Benioff has apologized for backing President Donald Trump possibly sending the National Guard to San Francisco, where the tech company is based.

Benioff had complained about crime problems outside the company’s annual Dreamforce conference in downtown San Francisco from Tuesday through Thursday, which drew about 45,000 attendees.

“We don’t have enough cops, so if they can be cops, I’m all for it,” Benioff told The New York Times on Tuesday, noting he had the pay for several hundred off-duty law enforcement to help patrol the Moscone Center.

On Friday, he changed his stance.

“Having listened closely to my fellow San Franciscans and our local officials, and after the largest and safest Dreamforce in our history, I do not believe the National Guard is needed to address safety in San Francisco,” Benioff wrote in a post on X in a post on X.

“My earlier comment came from an abundance of caution around the event, and I sincerely apologize for the concern it caused. It’s my firm belief that our city makes the most progress when we all work together in a spirit of partnership. I remain deeply grateful to Mayor [Daniel] Lurie, SFPD, and all our partners, and am fully committed to a safer, stronger San Francisco.”

The Trump administration already has deployed the National Guard to Portland, Ore.; Memphis, Tenn., and Chicago in a crackdown on illegal immigration and crime. Lower courts blocked the deployments of the troops.

On Tuesday, Trump told in the Oval Office that “we have great support in San Francisco” for sending troops to the city, apparently a reference to Benioff. He urged FBI Director Kash Patel to make San Francisco “next” for deployment.

Benioff’s suggestion was condemned by politicians, including California Gov. Gavin Newsom, investors and those associated with the company.

Newsom, who was mayor of San Francisco, is a friend of Benioff and appeared at last year’s company convention.

More than 180 Salesforce workers, alumni and community members wrote an open letter on Friday that was published online. They said his comments have “revealed a troubling hypocrisy.”

“Salesforce was built on empowering communities — not deploying the National Guard into them,” they wrote. “Last week, that’s exactly what you endorsed.’

The letter added: “Walking back your words doesn’t undo the damage.”

Startup investor Ron Conway resigned from the board of the Salesforce Foundation on Thursday. Conway told Benioff in an email that their “values were no longer aligned,” according to the New York Times.

Conway donated around $500,000 to at least two funds tied to Kamala Harris’ unsuccessful 2024 presidential election campaign.

Benioff has donated to both political parties but has supported Harris, Barack Obama and Hillary Clinton for president. He attended a state dinner by King Charles for Trump at Windsor Castle in England on Sept. 15.

His family and Salesforce have given more than $1 billion to Bay Area causes, the San Francisco Chronicle reported.

Benioff, who acquired Time magazine in 2018, has a net worth of $8.8 billion, ranking 381st in the world, according to Forbes.

Laurene Powell Jobs, a pre-eminent philanthropist, criticized Benioff for his remarks.

“When wealth becomes a substitute for participation, giving is reduced to performance art — proof of virtue, a way to appear magnanimous while still demanding ownership,” she wrote in the Wall Street Journal. “That’s the quiet corruption corroding modern philanthropy: the ability to give as a license to impose one’s will. It’s a kind of moral laundering, where so-called benevolence masks self-interest.”

Conservatives have rallied behind the Salesforce CEO.

Venture capitalist David Sacks, who is now Trump’s artificial intelligence and crypto czar, wrote on X : “Dear Marc @Benioff, if the Democrats don’t want you, we would be happy for you to join our team. “Cancel culture is over, and we are the inclusive party.”

Benioff has previously complained about crime in the city. In 2023, he threatened to relocate Dreamforce to Las Vegas over concerns about drug use, crime and homelessness.

Salesforce has attempted to get on the good side of the Trump administration as the company seeks regulatory approval for its proposed $8 billion acquisition of Informatica, an AI-powered cloud data management company.

Salesforce a few weeks ago announced a new line of business, Missionforce, for more revenue from defense, intelligence and aerospace agencies.

The New York Times also reported that Salesforce has offered its services to increase Immigration and Customs Enforcement’s capabilities.

Salesforce is a cloud-based software company founded in 1999 by Benioff, a former Oracle executive.

The company has a market capitalization of $238 billion with $38 billion in revenue in 2025 and 76,453 employees. The public company is a component of the Dow Jones Industrial Average.

Comedians Kumail Nanjiani and Ilana Glazer dropped out of performing at Salesforce’s annual tech conference this week after the company’s chief executive Marc Benioff made controversial remarks that showed his support for President Trump.

Last week, Benioff told the New York Times he thought Trump should deploy the National Guard to reduce crime in San Francisco, comments that sparked backlash from Silicon Valley philanthropists and Democrats.

On Friday, Benioff completely walked back his remarks and apologized.

“I do not believe the National Guard is needed to address safety in San Francisco,” he wrote on social media site X. “My earlier comment came from an abundance of caution around the event, and I sincerely apologize for the concern it caused.”

Salesforce, a software company based in San Francisco, provides a platform that businesses use to manage customer data and track sales. The company confirmed the comedians dropped out but the entertainers haven’t said publicly what prompted the last-minute cancellation. A source close to the company told the San Francisco Chronicle that Nanjiani became ill and that led to his scheduled opener Glazer to cancel as well.

Nanjiani and Glazer haven’t publicly spoken out about Benioff’s remarks about the National Guard.

Both comedians, though, have been critical of Trump in the past and his anti-immigrant rhetoric. Earlier this year, Glazer spoke at a “No Kings” protest, which organizers say is to meant fight back against authoritarian policies pushed by Trump and his administration. This week, she promoted the next series of demonstrations, scheduled to take place on Oct. 18, stating it wasn’t a partisan issue on Instagram.

The San Francisco Standard reported earlier on the cancellation.

Benioff has grappled with a growing backlash since he made comments about Trump and the National Guard. The controversy overshadowed Dreamforce, a conference in San Francisco that featured well-known speakers including tech executives, government officials and entertainers.

Nanjiani played Dinesh in the HBO series “Silicon Valley” and co-wrote and starred in the Oscar-nominated 2017 film “The Big Sick.” Glazer co-created and starred in the Comedy Central series “Broad City” and the 2024 comedy film “Babes.”

In their absence, comedian David Spade performed at Dreamforce on Thursday afternoon, closing out the conference.

Ahead of the event, which ended on Thursday, Benioff appeared to dial back his remarks.

On social media site X, he said he was trying to make a point about making the conference as safe as possible.

“Keeping San Francisco safe is, first and foremost, the responsibility of our city and state leaders,” he wrote on X. Benioff also said he’s donating an extra $1 million to fund larger hiring bonuses for new police officers.

Benioff, who has previously said he’s an independent and was once a Republican, has backed Democrats and supported liberal causes such as a business tax for homeless services. But he’s also been critical of public safety in San Francisco and has threatened to move Dreamforce from San Francisco to Las Vegas.

The conference brings nearly 50,000 people to the city, generates $130 million in revenue for San Francisco and creates 35,000 local jobs, according to Salesforce. The company announced earlier this week it was investing $15 billion in San Francisco over five years to advance artificial intelligence.

On Thursday, prominent Silicon Valley venture capitalist and Democratic donor Ron Conway resigned from the Salesforce Foundation board. In an email first viewed by the New York Times, Conway told Benioff that he “now barely recognize the person I have so long admired.”

“Your obsession with and constant annual threats to move Dreamforce to Las Vegas is ironic, since it is a fact that Las Vegas has a higher rate of violent crime than San Francisco,” Conway wrote in the email. “San Francisco does not need a federal invasion because you don’t like paying for extra security for Dreamforce.”

Conway, founder and managing partner of SV Angel, is widely regarded as the “Godfather of Silicon Valley” because of his early investments in major tech companies such as Google, Facebook and PayPal. SV Angel didn’t immediately respond to a request for comment.

A Salesforce spokesperson said in a statement they have “deep gratitude for Ron Conway and his incredible contributions to the Salesforce Foundation Board for over a decade.”

On Friday, entrepreneur and philanthropist Laurene Powell Jobs published an essay in the Wall Street Journal citing some of Benioff’s earlier remarks and claims that no one has given more to San Francisco. The widow of Apple co-founder Steve Jobs also founded and heads the philanthropic organization, Emerson Collective.

“The message beneath that comment was unmistakable: In his eyes, generosity is an auction—and policy is the prize awarded to the highest bidder,” she wrote. “But giving that expects control is anything but generous.”

On October 16, 2025, Collar Capital Management, LLC disclosed a new position in Salesforce (CRM 3.83%), acquiring 14,161 shares in a trade estimated at $3.36 million as of September 30, 2025.

What happened

According to a filing with the U.S. Securities and Exchange Commission (SEC) dated October 16, 2025, Collar Capital Management, LLC initiated a new position in Salesforce, purchasing approximately 14,161 shares. The estimated value of the acquisition was $3.36 million as of September 30, 2025. This transaction brought the fund’s total number of reportable positions to 71.

What else to know

This new $3.36 million position accounts for 2.36% of the fund’s $142.14 million in reportable U.S. equity holdings as of September 30, 2025.

Top holdings after the filing:

NASDAQ:MSTR: $7.33 million (5.2% of AUM) as of September 30, 2025

NASDAQ:TSLA: $7.19 million (5.1% of AUM) as of September 30, 2025

NASDAQ:MU: $5.15 million (3.6% of AUM) as of September 30, 2025

NASDAQ:COIN: $4.96 million (3.5% of AUM) as of September 30, 2025

NASDAQ:AAPL: $4.85 million (3.4% of AUM) as of September 30, 2025

As of October 15, 2025, Salesforce shares were priced at $236.58, down 17.95% over the past year and underperforming the S&P 500 by 32.23 percentage points (source: FMP, 1-year price change: -17.95%, 1-year alpha vs S&P 500: -32.23%).

Company overview

Company snapshot

Salesforce offers a comprehensive suite of cloud-based solutions, including its Customer 360 platform, Sales, Service, Marketing, Commerce, Tableau analytics, MuleSoft integration, and Slack collaboration tools.

It serves a global customer base across industries including financial services, healthcare, and manufacturing.

The company generates revenue primarily through subscription-based software and professional services.

Salesforce is a leading provider of enterprise cloud software, enabling organizations to manage customer relationships and business processes at scale. Its platform-centric strategy and broad product ecosystem position it as a key player in digital transformation initiatives.

Foolish take

Collar Capital appears to be making a contrarian move with the customer relationship management (CRM) specialist. The stock has tumbled about  26% in 2025.

Salesforce wasn’t a holding for Collar Capital in the second quarter. After buying 14,161 shares in the third quarter, it’s the fund’s 13th largest holding.

Salesforce was the second largest new acquisition Collar Capital completed in the third quarter. It also acquired 12,590 shares of UnitedHealth Group worth about $4.3 million. UnitedHealth Group is now the fund’s sixth largest holding.

Salesforce’s investments in artificial intelligence are starting to pay off for investors. In its fiscal second quarter that ended July 31, 2025, Data Cloud and AI annual recurring revenue climbed over 120% year over year to $1.2 billion.

Success with its new AI tools encouraged management to raise expectations. Now, it expects operating cash flow in fiscal 2026 to rise by 12% to 13% year over year.

Glossary

AUM: Assets under management – The total market value of investments managed by a fund or investment firm.

Position: The amount of a particular security or asset held in a portfolio.

Reportable positions: Holdings that must be disclosed to regulators, typically due to size or regulatory requirements.

Stake: The ownership interest or share in a company or asset.

Filing: An official document submitted to a regulatory authority, often detailing financial or ownership information.

Alpha: A measure of an investment’s performance relative to a benchmark, indicating value added or lost.

TTM: The 12-month period ending with the most recent quarterly report.

Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its stock price.

Cloud-based solutions: Software and services delivered over the internet rather than installed locally on computers.

Platform-centric strategy: A business approach focused on building and expanding a central technology platform for multiple products or services.