The rise of Marc Benioff, the CEO of Salesforce and owner of Time Magazine

Matt Weinberger,Taylor Nicole Rogers,Jordan HartMay 29, 2024, 13:39 IST

Salesforce CEO Marc Benioff rides a Segway around one of Salesforce's earliest office spaces.AP Photo/Ben Margot

Marc Benioff is the chief executive of cloud-based software company Salesforce.
Benioff worked at Oracle for 13 years before leaving the company to work on Salesforce full time.

Marc Benioff has seen his company, Salesforce, through many ups and downs throughout its 25 years.

The cloud software giant's market cap has swelled to over $250 billion in 2024 and even briefly crossed the $300 billion mark. But it hasn't been immune to the struggles facing the tech industry in recent years. Salesforce announced in January that it would be cutting 700 more jobs after slashing thousands in 2023.

Benioff has outlasted multiple co-CEOs at Salesforce — including one who reportedly tried to go for the top job. He and his wife Lynne are known for donating millions to charity.

Here's how Benioff, whose estimated net worth now stands at $10.1 billion, worked his way onto the national stage.

Marc Russell Benioff, 59, was born in San Francisco on September 25th, 1964, the son of Joelle and Russell Benioff.

An image of San Francisco.Getty Images

Early on, Benioff was interested in tech and being an entrepreneur.

Benioff held numerous jobs and side hustles.Kevin Dietsch/Staff/Getty Images.

While at USC, Benioff took a summer internship with Apple.

Apple cofounder Steve Jobs at the debut of the original Apple Macintosh.AP Photo/Paul Sakuma

Benioff graduated with a B.S. in Business Administration in 1986.

Benioff delivering the keynote address during commencement at the University of California, Berkeley in 2015.REUTERS/Noah Berger

Benioff rapidly rose up the ranks at Oracle after starting in 1986.

Benioff had a meteoric rise at Oracle.Sven Hoppe/picture alliance via Getty Images

While at Oracle, Benioff caught the attention of its founder Larry Ellison. The two became very close, with Ellison mentoring the younger Benioff.

Benioff (left) and Larry Ellison (right).Mike Nudelman/Business Insider

After 13 years with Oracle, Benioff started itching for something new.

Benioff worked at Oracle from 1986 to 1999.Business Insider

Salesforce was a revolutionary idea in 1999.

Salesforce took the tech industry by storm when it launched.Business Insider/Julie Bort

At first, Ellison was supportive of Benioff.

Ellison and Benioff's relationship has fluctuated over the years.Ezra Shaw/Getty

But things turned sour between Ellison and Benioff.

Benioff with an early Salesforce ad.Eric Risberg/AP

The dot-com bust of the early 2000s was a difficult time for Salesforce, but the company rebounded.

Salesforce survived the dot-com bust when others didn't.David Wong/South China Morning Post via Getty Images

And in June 2004, Salesforce held its IPO, raising $110 million at $11 per share.

Benioff on the day of the Salesforce IPO.AP Photo/Paul Sakuma

Benioff personally donated $250 million to the University of California, San Francisco in 2010 to found UCSF Benioff Children's Hospitals.

Benioff and his wife Lynne have donated hundreds of millions over the years.Photo by Smith Collection/Gado/Getty Images

Benioff is also a big believer in corporate philanthropy.

San Francisco Mayor Ed Lee in 2011.Justin Sullivan/Getty Images

In 2016, Benioff and his wife launched the Benioff Ocean Initiative at the University of California, Santa Barbara to study marine life.

Benioff and his wife Lynne.Alberto E. Rodriguez / Getty

Benioff has earned a reputation as one of Silicon Valley's most boisterous CEOs. He rarely appears in public without his custom cloud sneakers.

Benioff's sneakers.Getty Images/Justin Sullivan

The Benioffs have several homes, including acres of Hawaiian land.

Waimea is home to many native Hawaiians and known for its ranching.VW Pics/Getty Images

Salesforce has swelled to a company worth more than $250 million, and its annual Dreamforce conference has ballooned to take over much of San Francisco every autumn.

Salesforce's annual Dreamforce conference is a massive event.Robert Galbraith/Reuters

The company opened Salesforce Tower, its new headquarters — and the tallest building in San Francisco — in 2018.

Salesforce Tower.Cushman & Wakefield

Marc Benioff is distantly related to David Benioff of "Game of Thrones" fame.

David Benioff is the co-creator of "Game of Thrones."Evan Agostini/Invision/AP

Over the last five years, Salesforce has appointed, and lost, two co-CEOs.

Former Salesforce co-CEO Keith Block.Salesforce

In 2018, Benioff and his wife announced that they intended to purchase Time Magazine for $190 million.

Benioff implemented Salesforce strategies at Time.Bryan Bedder/Getty Images for Time

Salesforce acquired Slack in 2021.

The new Slack redesign with "Activity" notifications.Slack

Salesforce wasn't immune to the job cuts that plagued the tech industry in 2023 and 2024.

Salesforce laid off about 7,000 employees in 2023.Gary Hershorn / Getty Images

He's neighbors with OpenAI CEO Sam Altman.

Sam Altman (R) is the CEO and cofounder of OpenAI.Nathan Posner/Anadolu Agency via Getty Images; Roy Rochlin/Getty Images

He and his wife donated $150 million to Hawaii hospitals in March 2024.

The couple have donated hundreds of millions to Hawaii hospitals.Caleb Jones/AP

Benioff's total compensation for fiscal 2024 was $39.6 million.

Benioff has expressed support for higher taxes on the wealthy.Justin Sullivan/Getty Images)

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