"Our stockholders heard that we were involved in a process and they made it very clear that they did not want us to buy that company. So, very specifically, we had to walk away," he said in an interview with "Closing Bell."
"I love the CEO. I love the company. I love the brand. I love everything about Twitter but our stockholders don't and I listen to them. They are an important part of our family and how we do business at Salesforce."
That means that there is no price where a deal would make sense, unless shareholders had a change of heart, Benioff said.
Last week, Salesforce said it was ruling out a bid for the social media company. The news initially sent Salesforce shares higher, and Twitter shares tumbling. On Friday, Salesforce was up almost 2 percent.