According to a press release, this deal will see a member of Elliott Investment Management join the Board of Directors at Pinterest. Specifically, Marc Steinberg, the Senior Portfolio Manager at the firm, will take a seat on Pinterest’s board on Dec. 16.
Pinterest CEO Bill Ready said the following about the news:
“We’d like to welcome Marc to the Pinterest Board following our collaborative dialogue with Marc, Jesse Cohn, and Elliott over the past few months […] We appreciate the perspective the team brings, as well as their commitment to our Company and mission.”
What This Means for PINS Stock
Elliott Investment Management is an activist investment firm that has a direct 3% stake in PINS stock and a roughly 9% stake overall. Its business focuses on taking stakes in companies to improve their share prices before selling the stock.
Elliott Investment Management looks to want the same from Pinterest, with plans for how to improve the social media business. Considering the fact that PINS stock is down 38% year-to-date (YTD), this could be good news for holders of the shares.
Even so, PINS stock isn’t seeing much movement today with some 2 million shares on the move as of this writing. That’s well below the daily average trading volume of about 13.9 million shares. The stock is also down 1.4% as of Wednesday morning.
Investors looking for the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock news traders need to know about on Wednesday! Among that is what has shares of Tesla (NASDAQ:TSLA) and Prometheus Biosciences (NASDAQ:RXDX) stock moving today, as well as Wednesday’s biggest pre-market stock movers. You can read all of that news at the links below!
More Wednesday Stock Market News
- Why Is Tesla (TSLA) Stock Down Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.