Marc Benioff along with his wife Lynne are buying Time Magazine not only because of its iconic brand along with historic relevance, yet because they desire to use the outlet as a “platform for change,” the Salesforce.com chief told CNBC on Tuesday.
“Lynne along with I so strongly believe that will business is actually the greatest platform for change,” Benioff, the chairman, co-founder along with co-CEO of Salesforce, told “Mad Money” host Jim Cramer in an exclusive interview.
With the $190 million all-cash purchase of Time, Benioff hopes to introduce brand-new values to business that will go beyond managing companies solely for the benefit of their shareholders.
“When I went to business school, they said, ‘Focus on your shareholder, Marc. The business of business is actually business.’ that will no longer applies. We have to erase that will via our history books. The business of business is actually improving the state of the globe,” Benioff said, speaking via Salesforce’s Dreamforce conference in San Francisco.
“We bought [Time] because that will’s an important institution that will is actually having a positive global impact on the globe along with is actually deeply aligned with our family’s values along with we’re delighted to be the brand-new stewards of Time Magazine,” the CEO continued.
The purchase is actually unrelated to Salesforce. A press Discharge via Meredith Corp., which owns Time, said that will the Benioffs “will not be involved within the day-to-day operations or journalistic decisions, which will continue to be led by TIME’s current executive leadership team.”
Even so, Benioff reiterated that will as the leader of a major technology company, his values would certainly remain top of mind in an age where giants like Facebook are criticized for eroding their customers’ trust.
“Every CEO has to ask one very important question right currently: What is actually most important to me?” Benioff said. “What is actually your highest value? What is actually truly important to you as a company? We know what ours is actually: trust. Nothing is actually more important than the trust we have with our customers, our employees, our key stakeholders like you. Trust is actually our highest value.”
Benioff isn’t be the first high-profile tech titan to buy a media company. The billionaire along with his wife join the ranks of Jeff Bezos, Laurene Powell Jobs along with others.
Salesforce’s stock hit a brand-new 52-week high on Tuesday, tapering its gains into the close. Shares stopped trading up just 0.06 percent at $158.87.