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   DealBook: Shaking up Salesforce
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   Also, the costs are rising in the student debt fight.
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             March 1, 2023
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              Good morning. In today’s newsletter, activist investors continue to swarm around Salesforce as the software giant prepares to release its latest corporate results; why Goldman Sachs is scaling back on a business it once saw as a growth engine; the student debt fight could prove costly to the Biden administration; and China roars back. (Was this newsletter forwarded to you?
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                  Marc Benioff at Salesforce’s Dreamforce conference in San Francisco last year.
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                  Jim Wilson/The New York Times
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             Benioff’s big test
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             Today’s earnings report by Salesforce may be the most closely watched in the software giant’s 24-year history. Investors — especially the now
             <span style="font-style:italic;font-size:inherit">
              half-dozen
             </span>
             activist shareholders who are clamoring for change at the company, and possibly board seats — will be eager to hear how its chief, Marc Benioff, plans to turn around its fortunes.
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             That won’t be easy. Benioff must make potentially drastic changes to the performance and culture of the company he founded, even as employees grow restive after a wave of layoffs.
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              Salesforce faces a host of challenges.
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             Its stock price is down 47 percent from its November peak, as investors fret over declining sales and a company that seemingly grew bloated during the tech boom. The Wall Street Journal outlined
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              some of the most striking examples
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             of what happened to the onetime highflier:
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               The company paid Matthew McConaughey, a friend of Benioff’s, over $10 million a year to be a creative adviser and spokesman, including in a $5 million Super Bowl ad. (Benioff told The Journal he had no part in approving McConaughey’s compensation.)
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               Benioff repeatedly prioritized sales growth — including a “flood-the-zone” approach — over profitability and efficiency; he believed that slowing hiring for sales teams would hurt revenue growth. That’s borne out in financial measures: The company’s adjusted operating margins have been much smaller than those of rivals like ServiceNow and Adobe.
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               Previous efforts to promote efficiency, including a 2021 proposal that would have ranked top achievers and eliminated the worst performers, fell flat with staff.
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               Salesforce, the largest employer in San Francisco, was once awash in perks, including specialty-coffee baristas at its headquarters and use of a 75-acre wellness retreat. Those have been drastically scaled back, drawing complaints from the 22,000 employees who’ve joined an internal Slack channel called “airing of grievances.”
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              Benioff has already moved to change course,
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             including by laying off
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              10 percent of the company’s work force
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             , or 8,000 people. That cuts against his longtime corporate philosophy of “ohana” — Hawaiian for familial bonds — but it was necessary, he told The Journal: “If you don’t have a performance culture, and you don’t operate the company with that kind of efficacy, you’re not doing anybody any favors.”
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              The question now is what investors will think.
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             Wall Street has already been agog at how many activist shareholders have piled into Salesforce — including Elliott Management, Starboard Value, Third Point, Inclusive Capital and ValueAct. They are likely to push for a focus on increasing profits. A sixth activist showed up this week:
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              Strive Asset Management
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             , a self-professed “anti-woke” investment firm, which has called on Salesforce to “stop using your business as a ‘platform for social change’ and focus on serving your customers alone.”
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             Benioff may address the investor challenges today, including any potential détente he has reached with the activists. (Salesforce has been in truce talks with Elliott in recent weeks, though it’s unclear whether that will be enough to stave off a proxy fight.) But the greater challenge of restoring the company to its former heights may take a long time to address.
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             HERE’S WHAT’S HAPPENING
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              Elon Musk takes center stage at Tesla today.
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             At
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              the carmaker’s first investor day
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             , its billionaire C.E.O. is expected to announce new products, including updated solar panels and its forthcoming pickup truck. But shareholders and analysts may also ask about a recent recall tied to Tesla’s autonomous vehicle software and growing competition in electric vehicle sales.
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              The E.U. narrows a big antitrust case against Apple.
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             The European Commission will
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              focus on Apple’s limits
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             on how streaming-music rivals like Spotify can advertise subscriptions to their services; it dropped charges about the iPhone maker restricting developers to its own in-app payment system. That slims down the case against Apple, but may make it stronger.
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              A third top FTX executive strikes a plea deal.
             </span>
             Nishad Singh, who was the failed crypto exchange’s director of engineering,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pleaded guilty
             </a>
             to several counts of fraud and campaign finance violations. More notably, he agreed to cooperate with prosecutors, putting more pressure on the FTX founder Sam Bankman-Fried as he awaits trial.
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              The F.B.I. backs up the lab-leak theory about the pandemic’s origins.
             </span>
             Its director, Christopher Wray, said
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the agency believes
             </a>
             the coronavirus likely spread from an accidental leak at a laboratory in Wuhan, China; that theory got a boost recently from the Energy Department. But the White House has said there is still no consensus on the origin of the outbreak.
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              More details emerge about a federal inquiry into Dan Snyder.
             </span>
             Prosecutors have focused on a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $55 million loan
             </a>
             taken out by the Washington Commanders without the knowledge or approval of Snyder’s then-fellow owners, according to ESPN. Those investors — including the FedEx founder Fred Smith — raised their concerns with the N.F.L., though the league did little to investigate, ESPN reports.
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             Goldman calls time on its consumer ambitions
            </h2>
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             At Goldman Sachs’s second-ever investor day yesterday, the Wall Street bank conceded that one of its big bets wasn’t panning out. David Solomon, the firm’s C.E.O., said it would
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              scale back its consumer-banking efforts
             </a>
             .
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             But investors didn’t appear impressed by the long-anticipated announcement. Goldman’s shares dropped nearly 4 percent yesterday.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “We’ve significantly narrowed our ambitions for our consumer strategy,”
             </span>
             Solomon told shareholders, a reversal for a business that Goldman had once touted as a source of growth. It includes the buy-now-pay-later lender GreenSky and credit card businesses for Apple and G.M. The firm previously disclosed that its platform solution unit, which houses most of its retail banking businesses (but not its Marcus online bank), had lost $3 billion pretax since 2020; executives said they’re aiming to make the business break even in 2025.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Solomon said that Goldman was now weighing “strategic alternatives” for the business, Wall Street parlance for a potential sale of some or all of its parts. It isn’t clear what Goldman will do, but Bloomberg reports that the firm is
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              exploring a sale of GreenSky
             </a>
             .
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Goldman is doubling down on its traditional business lines.
             </span>
             Solomon said the firm would redouble efforts to expand its wealth-management business, which provides more stable fees than its signature deal-making and trading operations. (Wealth and asset management have helped bolster the fortunes of a top rival, Morgan Stanley.)
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But analysts raised questions about Solomon’s plan, with some professing uncertainty over what Goldman hopes to do with the consumer business. “Having a blended message was a confusing one,” Gerard Cassidy of Royal Bank of Canada
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              told Bloomberg
             </a>
             . “Are you going to keep it or are you going to sell it?”
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Major doubts about student debt relief
            </h2>
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             The fate of the student debt battle before the Supreme Court is looking increasingly bleak for millions of federal student loan borrowers
             <span style="font-style:italic;font-size:inherit">
              and
             </span>
             for the Biden administration.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The court’s conservative majority yesterday cast doubts
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              on the legality of the White House’s plan
             </a>
             to cancel about $400 billion in student debt, suggesting that the move represents an overreach of the president’s executive power.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The government’s English — and math — came into question.
             </span>
             Chief Justice John Roberts rejected the argument that the debt forgiveness amounts to a mere “modification” of the federal loan program. “We’re talking about half a trillion dollars,” he said, adding that “if you’re going to affect the obligations of that many Americans on a subject that’s of great controversy,” most observers would think that was something for Congress to decide.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The cases may come down to standing
             </span>
             — whether the six Republican states and two students who have pushed to nullify the debt-forgiveness plan can challenge it at all. If the court finds they can’t sue because they aren’t really harmed, the justices could resolve the separate cases without addressing questions about the president’s powers. That’s what the federal government is hoping for.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The matter could test the scope of the “major questions doctrine.”
             </span>
             This legal theory holds that whenever there are big economic and political questions looming over the implementation of new government policies, congressional authorization is required. The high court
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              applied the doctrine
             </a>
             last June in a decision that invalidated an Environmental Protection Agency rule on capping carbon emissions. Ever since, some pro-business advocates have cited the doctrine as a potential way to challenge government proposals that they deem to be too onerous and costly for companies.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Chamber of Commerce has weighed in on student debt.
             </span>
             In an amicus brief, it argued that the cases provide a “timely opportunity” to apply the major questions doctrine. It also plans to use the doctrine to challenge a proposed F.T.C. ban on noncompete clauses. Similarly, Gary Gensler, the S.E.C. chair, has said he expects some critics of the agency’s new climate disclosure framework to use the legal tenet there as well.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             A decision on the student debt cases is due in June.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “It used to be that you’d see smaller things fail, but now Twitter is going down completely for certain regions of the world. When serious things break, the people who knew the systems aren’t there anymore.”
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              —
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               Saagar Jha
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , a former Twitter engineer, on how outages, glitches and bugs appear to be on the rise at Elon Musk’s social network.
             </span>
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The China growth story continues
            </h2>
           </td>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Beijing published knockout manufacturing data and encouraging housing figures this morning, adding rocket fuel to one of the world’s most impressive stock market rallies.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The SSE Composite Index in Shanghai gained 1 percent today, and the Hang Seng Index of Hong Kong stocks finished up 4.2 percent, putting it about 40 percent above its close on Oct. 31.
            </p>
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                <img class="css-ivj8p2" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F03%252F01%252Fbusiness%252F01DB-chart%252F01DB-chart-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1pXLwa:yuq-zIDcqRywff8WY1vRxarSkBnmaa4bStAJpFa5G2s" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Helping drive the market were stellar economic data.
             </span>
             The National Bureau of Statistics reported today that the purchasing managers’ index, a key data point about the health of China’s manufacturing sector,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              rose to
             </a>
             its highest level since 2012. Elsewhere, home sales in China, a big driver of domestic growth,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              rose for the first time
             </a>
             in 20 months.
            </p>
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              began to ease
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               Stripe is reported to have
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                further reduced its valuation
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               as part of its latest fund-raising effort, to about $50 billion. (The Information)
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               The entrepreneur Marc Lore and the former baseball star Alex Rodriguez
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                raised $30 million for Jump
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               , a start-up they founded to take on Ticketmaster. (Bloomberg)
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               Meet the short seller
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                betting against the private equity industry
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               . (Institutional Investor)
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                Pile of Bankruptcies and Fire Sales
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               ” (Bloomberg Businessweek)
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               President Biden said he would
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                nominate Julie Su
               </a>
               , the deputy labor secretary, to succeed Labor Secretary Marty Walsh. (NYT)
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                Exploited a Safety Requirement
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               to Make Money” (NYT)
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               Japan accused the ad giant Dentsu of conspiring to
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                evade the public bidding process
               </a>
               for the Tokyo Olympics. (NYT)
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               Axel Springer of Germany is shutting down print editions of its German publications and
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                refocusing its business on U.S. holdings
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               , including Politico. (WSJ)
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               JPMorgan Chase is pushing back against efforts to
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                depose its C.E.O., Jamie Dimon,
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               in a lawsuit over the bank’s ties to Jeffrey Epstein. (FT)
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                ransomware data breach
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               . (Bloomberg)
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