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Pinterest Soars After Activist Investor Takes Stake

Published 07/14/2022, 04:19 PM
Updated 07/14/2022, 04:30 PM
©  Reuters

By Yasin Ebrahim

Investing.com -- Pinterest (NYSE:PINS) rallied in afterhours Thursday as activist investment firm Elliott Management reportedly took a 9% stake in the social-media company to become the largest investor in the social media platform. 

Pinterest (NYSE:PINS) jumped 17% following the report. 

Elliott has been in talks with Pinterest over the past several weeks, the Wall Street Journal reported, citing unnamed sources. Elliott hasn't disclosed its plans for Pinterest, but the company is in need of a turnaround amid struggles to ramp-up engagements on its platform. 

The report said, however, that Ben Silbermann, one of three Pinterest co-founders, who has about a 37% voting stake in the company could curb Elliott’s ability to effect change. 

Latest comments

another fluff company with valuations based on nothing.
Quit spamming scammers
For an activist, 9% is nothing. They don't have enough control to change the color of the logo.
Elliot is an easy media story and they get retail crowd on board. Stories sell.
Elliot is an easy media story and they get retail crowd on board. Stories sell.
Made a *****on Pins long this week, thanks to melonhead800811 on Twitter
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