Salesforce (NYSE: CRM) ValueAct entities report 96,000-share insider purchase

Rhea-AI Filing Summary

Salesforce, Inc. (CRM) reported an insider share purchase by ValueAct-affiliated entities. On 12/05/2025, ValueAct Capital Master Fund, L.P. reported buying 96,000 shares of Salesforce common stock at a price of $260.58 per share, coded as a purchase transaction.

After this transaction, the reporting persons collectively reported indirect beneficial ownership of 2,994,509 Salesforce shares. The filing explains that each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest and notes that they may be deemed part of a "group" and that certain entities may be treated as directors by deputization through G. Mason Morfit’s board service.

Insights

Equity Ownership & Governance Analyst

Large institutional holder increased indirect stake in Salesforce via open-market purchase, signaling stronger economic exposure and ongoing board-level involvement.

The filing shows entities affiliated with ValueAct Capital Master Fund, L.P. acquiring 96,000 shares of Salesforce, Inc. common stock on 12/05/2025 at a price of $260.58 per share, coded "P" (open-market purchase). After this transaction, the reporting group reports indirect beneficial ownership of 2,994,509 shares. The structure described in the footnotes clarifies that several partnership and LLC entities may be deemed to share indirect beneficial ownership through general partner and manager relationships.

The reporting persons expressly disclaim beneficial ownership beyond their economic interests, and also state they may be deemed part of a "group" for Securities Exchange Act purposes while denying admission of such status. This language limits legal inferences about control while still acknowledging possible group treatment under the rules. The remark that G. Mason Morfit serves on Salesforce’s board, and that other reporting persons may be deemed directors by deputization, ties this sizeable holding directly to board representation.

This combination of a meaningful open-market purchase and board presence indicates a higher level of engaged ownership, within the confines of the legal disclaimers in the form. A practical focus going forward is whether additional Form 4 filings reflect continued accumulation or changes in this roughly 3 million-share position, and whether any future governance or ownership disclosures modify the described group and deputization relationships after 12/08/2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Morfit G Mason

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Salesforce, Inc. [ CRM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
12/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/05/2025		P		96,000	A	$260.58	2,994,509	I	See footnotes(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Morfit G Mason

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

1. Name and Address of Reporting Person^*

ValueAct Holdings, L.P.

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

1. Name and Address of Reporting Person^*

ValueAct Capital Master Fund, L.P.

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

1. Name and Address of Reporting Person^*

VA Partners I, LLC

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

1. Name and Address of Reporting Person^*

ValueAct Capital Management, L.P.

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

1. Name and Address of Reporting Person^*

ValueAct Capital Management, LLC

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

1. Name and Address of Reporting Person^*

ValueAct Holdings II, L.P.

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, FOURTH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

1. Name and Address of Reporting Person^*

ValueAct Holdings GP, LLC

(Last) (First) (Middle)

ONE LETTERMAN DRIVE

BUILDING D, 4TH FLOOR

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

Explanation of Responses:

1. Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

2. The securities reported herein are directly beneficially owned by ValueAct Capital Master Fund, L.P. and may be deemed to be indirectly beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P. , (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Capital Master Fund, L.P. , (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the majority owner of the membership interests of VA Partners I, LLC, (v) ValueAct Holdings II, L.P. as the sole owner of the membership interests of ValueAct Capital Management, LLC and as the majority owner of the limited partnership interests of ValueAct Capital Management, L.P., and (vi) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P. and ValueAct Holdings II, L.P.

Remarks:

-The reporting persons herein may be deemed to be members of a "group" for purposes of the Securities Exchange Act of 1934, as amended. Each reporting person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by such reporting person. This report shall not be deemed an admission that such reporting person is a member of a group or the beneficial owner of any securities not directly owned by such reporting person. -G. Mason Morfit, a member of the management committee of ValueAct Holdings GP, LLC, serves on the board of directors of the Issuer. As a result, the other reporting persons herein may be deemed directors by deputization.

	By:/s/ G. Mason Morfit	12/08/2025
	VALUEACT HOLDINGS, L.P., By: VALUEACT HOLDINGS GP, LLC, its General Partner, By: /s/ Jason B. Breeding, Authorized Signatory	12/08/2025
	VALUEACT CAPITAL MASTER FUND, L.P., By: VA PARTNERS I, LLC, its General Partner, By: /s/ Jason B. Breeding, Authorized Signatory	12/08/2025
	VA PARTNERS I, LLC, By: /s/ Jason B. Breeding, Authorized Signatory	12/08/2025
	VALUEACT CAPITAL MANAGEMENT, L.P., By: VALUEACT CAPITAL MANAGEMENT, LLC, its General Partner, By: /s/ Jason B. Breeding, Authorized Signatory	12/08/2025
	VALUEACT CAPITAL MANAGEMENT, LLC, By: /s/ Jason B. Breeding, Authorized Signatory	12/08/2025
	VALUEACT HOLDINGS II, L.P., By: VALUEACT HOLDINGS GP, LLC, its General Partner, By: /s/ Jason B. Breeding, Authorized Signatory	12/08/2025
	VALUEACT HOLDINGS GP, LLC, By: /s/ Jason B. Breeding, Authorized Signatory	12/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction in Salesforce (CRM) did ValueAct report?

The ValueAct Capital Master Fund, L.P. group reported purchasing 96,000 shares of Salesforce common stock on 12/05/2025 in a Form 4 filing.

At what price were the Salesforce (CRM) shares purchased by ValueAct?

The 96,000 Salesforce shares were reported as purchased at a price of $260.58 per share.

How many Salesforce (CRM) shares do the ValueAct entities report beneficially owning after the trade?

Following the reported transaction, the ValueAct reporting persons disclosed indirect beneficial ownership of 2,994,509 Salesforce shares.

Who are the reporting persons associated with this Salesforce (CRM) Form 4?

The securities are directly beneficially owned by ValueAct Capital Master Fund, L.P. and may be deemed indirectly owned by several related entities, including VA Partners I, LLC, ValueAct Capital Management, L.P., ValueAct Capital Management, LLC, ValueAct Holdings, L.P., ValueAct Holdings II, L.P., and ValueAct Holdings GP, LLC.

What relationship do the ValueAct entities have to Salesforce (CRM)?

The reporting persons are identified as directors and as having an "other" relationship to Salesforce, with the remarks noting that certain entities may be deemed directors by deputization through G. Mason Morfit, who serves on Salesforce’s board.

Do the ValueAct reporting persons claim full beneficial ownership of all reported Salesforce (CRM) shares?

No. The filing states that each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest.