Pinterest shares surge after Elliott discloses it is the largest shareholder – Reuters

Screens display the company logo for Pinterest Inc. during the company’s IPO on the front of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2019. REUTERS/Brendan McDermid

Aug 1 (Reuters) – Activist investor Elliott Investment Management disclosed on Monday it had become the largest shareholder in Pinterest Inc (PINS.N), backing the management of the digital pin-board firm and sending the company’s shares up 21%.

Pinterest has “significant potential for growth”, which led Elliott to become its largest shareholder, Elliott managing partner Jesse Cohn and senior portfolio manager Marc Steinberg said in a statement.

Elliott did not disclose its stake in Pinterest. However, the Wall Street Journal reported in July that the investment firm had amassed a more than 9% stake. (https://reut.rs/3zp1smr)

The firm on Monday backed Pinterest Chief Executive Bill Ready, who took over on June 29, and also commended co-founder Ben Silbermann for the leadership transition.

Elliott…

Read Full Story: https://www.reuters.com/technology/elliott-says-it-is-largest-sharesholder-pinterest-2022-08-01/

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