Salesforce dumped rest of its Snowflake shares during first-quarter market plunge

KEY POINTS

• Salesforce placed a $250 million bet on Snowflake at the time of the software company’s IPO in 2020.
• Salesforce sold most of its stake in 2021, but held onto about 5% of its holdings.
• As of the end of the first quarter, Salesforce owned no Snowflake shares, according to a filing, selling the rest as the market plunged.

Salesforce has sold out of the last of its shares in data-analytics software maker Snowflake, according to a regulatory filing on Friday.

Salesforce, which makes investments through its Salesforce Ventures unit, still owns a stake in five public companies, including Robinhood and Monday.com, the filing shows. The company had previously unloaded 95% of its Snowflake shares, reducing its holdings to $35 million worth at the end of 2021. Salesforce sold the remaining shares in the first quarter, when Snowflake plunged 32%.