April 28, 2023 Hello, Insiders. Matt Turner, editor in chief of business, here. COVID-19 helped launch Salesforce skywards, but high-profile exits, slowing growth, and pressure from investors have made for a bumpy 18 months. CEO Marc Benioff says his performance through that time has been “a master class.” That’s today’s big story.   Here’s what else we’re covering: Why Ray Dalio says the US and China are on the brink of war. A new study revealed the 11 best and worst airlines in the US. Tech giants aren't just cutting thousands of jobs — they're making them extinct. — Matt Turner If this was forwarded to you, sign up here.

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THE BIG STORY Benioff vs. Benioff Roy Rochlin, Mike Windle / Getty Images; Arif Qazi / Insider In late 2021, things had never been better for Salesforce CEO Marc Benioff. Demand for cloud-based software boomed amid the pandemic and Benioff was projecting that annual revenue would double to $50 billion in five years.  Then, everything had changed. Benioff’s co-CEO, Bret Taylor, resigned after a “showdown.” Sales slowed. Activist investors swooped in. This January, Salesforce announced plans to lay off 10% of its workforce. Now, Benioff appears to have righted the ship as far as investors are concerned — averting a proxy battle, and making progress on improving its profit margins. Insider spoke with dozens of current and recent Salesforce executives and employees, as well as Benioff himself, for an intimate look into a difficult period for the company and its larger-than-life CEO.  "If it hasn't been a master class in the last six months on how to manage for all stakeholders, then I've made a mistake,” Benioff said. "This is how to do it."