Elliott Statement on Pinterest

Rhea-AI Summary

Elliott Investment Management has become the largest investor in Pinterest (NYSE: PINS) and sees strong growth potential for the platform. The firm believes Pinterest's unique position in social media, search, and commerce offers a significant value-creation opportunity. Elliott commended CEO Bill Ready and the Board for the leadership transition, expressing confidence in their ability to navigate Pinterest's next growth phase. Elliott manages approximately $55.7 billion in assets, reflecting their substantial investment capacity.

Positive

• Elliott is now Pinterest's largest investor, indicating strong confidence in the company's growth potential.
• Elliott expresses belief in Pinterest's unique position in advertising and shopping ecosystems.

Negative

• None.

News Market Reaction – PINS

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+11.61% News Effect

On the day this news was published, PINS gained 11.61%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

WEST PALM BEACH, Fla., Aug. 1, 2022 /PRNewswire/ -- Elliott Investment Management L.P. (together with its affiliates, "Elliott") today released the following statement on behalf of Managing Partner Jesse Cohn and Senior Portfolio Manager Marc Steinberg regarding Pinterest, Inc. (NYSE: PINS) (the "Company" or "Pinterest"):

Pinterest is a highly strategic business with significant potential for growth, and our conviction in the value-creation opportunity at Pinterest today has led us to become the Company's largest investor. As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest's next phase of growth. We commend Ben Silbermann and the Board on the leadership transition, and we look forward to continuing our collaborative work with Ben, Bill and the Board as they drive toward realizing Pinterest's full potential.

About Elliott

Elliott Investment Management L.P. manages approximately $55.7 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

Media Contact:
Stephen Spruiell                                                         
Elliott Investment Management L.P.                                     
(212) 478-2017                                              
sspruiell@elliottmgmt.com

View original content:https://www.prnewswire.com/news-releases/elliott-statement-on-pinterest-301597274.html

SOURCE Elliott Investment Management L.P.

FAQ

What recent investment has Elliott made in Pinterest (PINS)?

Elliott Investment Management has become the largest investor in Pinterest, reflecting their strong confidence in the company's growth potential.

What does Elliott Investment Management believe about Pinterest's market position?

Elliott believes Pinterest occupies a unique position at the intersection of social media, search, and commerce, providing significant growth opportunities.

Who is the CEO of Pinterest mentioned in Elliott's statement?

Bill Ready is the CEO of Pinterest as mentioned in Elliott's statement.

How much assets does Elliott Investment Management manage?

Elliott Investment Management manages approximately $55.7 billion in assets.

What did Elliott commend regarding Pinterest's leadership?

Elliott commended the leadership transition at Pinterest, expressing confidence in the Board and management team.