Walt Disney Co (NYSE: DIS) and salesforce.com, inc. (NYSE: CRM) passed on acquiring Twitter Inc (NYSE: TWTR) when it was briefly up for sale in 2016, and this decision has proved to be a mistake, according to CNBC's Jim Cramer.
Disney CEO Bob Iger and Salesforce CEO Marc Benioff are among two of the smartest executives in corporate America, but looking back, they "were wrong" for not acquiring Twitter in 2016 near $10 per share, Cramer said.
Both executives not only stand by their decision to pass on acquiring Twitter, but fail to comprehend the "negative implications of not pulling the trigger," he said.
Why It's Important
Iger and Benioff both make the case that they "dodged a bullet" in not buying Twitter, but it is now apparent they "dodged a big pile of money," the CNBC host said.
If Disney acquired Twitter, it would have gained a new venue to broadcast NFL games, which would have made ESPN+ "indispensable" to lovers of the game, Cramer said.
While Iger highlighted the "nastiness" of online posts, existing artificial intelligence technology could clean up the platform, Cramer said.
For Salesforce, an acquisition of Twitter would give the cloud company a proprietary database of trends in real time and better help customers, he said.
"At the end of the day ... they both botched this one."
Iger and Benioff should refer to Twitter as the "one that got away" when promoting their respective autobiographies, Cramer said.
Disney CEO Bob Iger On Not Buying Twitter: The 'Nastiness Is Extraordinary'
Why Would Salesforce Or Google Want Twitter?
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