Jeff Lawson, co-founder and chief executive officer of Twilio Inc., center, rings the opening bell on the floor of the New York Stock Exchange in New York, Sept.17, 2018.
Michael Nagle | Bloomberg | Getty Images
Activist investors are pushing software maker Twilio to sell the entire company, or divest one of its two business units comprising less than 20% of its revenue, two people familiar with the matter tell CNBC.