Pinterest shares soar after report that Elliott Management has acquired a 9% stake

Pinterest shares soar after report that Elliott Management has acquired a 9% stake


The Pinterest application on a Apple MacBook Air.

Guillaume Payen | SOPA Images | LightRocket | Getty Images

Pinterest shares jumped over 20% in extended trading on Thursday after The Wall Street Journal reported that Elliott Management has accumulated a stake of over 9% in the company.

Elliott, known for its activist investments, has been discussing unspecified matters with Pinterest for the past several weeks and told the company it’s now the largest shareholder, the Journal reported, citing unnamed sources.  

Prior to the after-hours pop, Pinterest shares plummeted 75% in the past year as the social media company struggled to retain users. While revenue grew 52% in 2021 to over $2.5 billion, the number of global monthly active users fell 6% to 431 million, a worrying sign for investors concerned that the app’s popularity is dwindling.

Co-founder Ben Silbermann stepped down from the CEO role in late June. His replacement, Bill Ready, is a former Google commerce executive, a sign the company is poised to step up investments in developing its e-commerce business.

Elliott has some experience getting involved with struggling online advertising businesses. In 2020, Twitter reached a deal with Elliott and Silver Lake, granting the firms board seats and initiating a $2 billion share repurchase program. Twitter also received a $1 billion investment from Silver Lake as part of the deal.

Prior to the agreement, Elliott was trying to oust then-CEO Jack Dorsey from his executive perch. Although Dorsey survived Elliot the effort, he eventually left Twitter in 2021. According to FactSet, Elliott acquired 10 million Twitter shares between early 2020 and July 2021, and still owns all of them.

CNBC contacted Pinterest and Elliott Management for comment, but neither immediately responded.

WATCH: Elliott Management builds 9% stake in Pinterest



Source

TikTok loses bid to dismiss lawsuit alleging its ‘addictive design’ exploits kids
Technology

TikTok loses bid to dismiss lawsuit alleging its ‘addictive design’ exploits kids

FILE PHOTO: TikTok app logo is seen in this illustration taken, August 22, 2022.  Dado Ruvic | Reuters A judge this week rejected TikTok’s attempt to dismiss a lawsuit by the state of New Hampshire accusing it of using manipulative design features aimed at children and teens. “The Court’s decision is an important step toward […]

Read More
Nvidia’s Jensen Huang sells more than  million in stock, catches Warren Buffett in net worth
Technology

Nvidia’s Jensen Huang sells more than $36 million in stock, catches Warren Buffett in net worth

Jensen Huang, CEO of Nvidia, holds a motherboard as he speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 11, 2025. Gonzalo Fuentes | Reuters Nvidia CEO Jensen Huang unloaded roughly $36.4 million worth of stock in the leading artificial intelligence chipmaker, […]

Read More
Tesla to officially launch in India with planned showroom opening
Technology

Tesla to officially launch in India with planned showroom opening

Elon Musk meets with Indian Prime Minister Narendra Modi at Blair House in Washington DC, USA on February 13, 2025. Anadolu | Anadolu | Getty Images Tesla will open a showroom in Mumbai, India next week, marking the U.S. electric carmakers first official foray into the country. The one and a half hour launch event […]

Read More