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Salesforce crashes to 52-week-low as Slack boss Butterfield departs

Salesforce's (NYSE:CRM) stock price hit a 52-week-low Monday as the cloud-based business software giant's post-earnings skid continued and showed few signs of coming to an end any time soon.

By the end of the day, Salesforce (CRM) had fallen by more than 7%, to close at $133.93, and just barely above the 52-week-low of $132.89 a share the stock slumped to earlier in the session. With Monday's decline, Salesforce's (CRM) share value has fallen more than 17% since the company gave a disappointing fiscal fourth-quarter revenue forecast on November 30.

That same day, Salesforce didn't help its standing with investors, as the company also said co-Chief Executive Bret Taylor will resign, effective January 31. Salesforce's (CRM) founder, and co-CEO, Marc Benioff, will become the company's sole CEO at that time.

In addition to Monday's decline, Salesforce (CRM) also said that Stewart Butterfield, the head of Slack, will leave the messaging and communications company that Salesforce (CRM) acquired for $27B in a deal that closed in August 2021.

Butterfield has been with Slack since co-founding the company as Tiny Speck in 2009, said in a statement that his January departure "has nothing to do with Bret [Taylor's] departure," and that his leaving the company "has been in the works for several months!"