Pinterest shares rose more than 20% in extended trading after The Wall Street Journal reported Elliott Management.
Pintrest Stock- Share Rose More than 20%
Pintrest Stock- Share Purchased
Elliott, well-known for his activist investments, has been talking with Pinterest over the past few weeks.
He told the company that it is now the largest shareholder. The Journal reported that Elliott said.
Pintrest Stock- Largest Shareholder
Pinterest shares plunged 75% before the after-hours spike. This was due to Pinterest's inability to retain its users.
Pintrest Stock- Retain Users
Investors should be concerned that while revenue increased 52% to more than $2.5 billion in 2021.
Pintrest Stock- Revenue Increased
In June, Ben Silbermann, his co-founder, resigned as CEO. Bill Ready is the replacement.
Pintrest Stock- Co-Founder
Twitter agreement gave the companies board seats and initiated a $2 billion share purchase program.
Pintrest Stock- Agreement
Elliott had been trying to remove Jack Dorsey, then-CEO, from his executive position prior to the agreement.
Pintrest Stock- Prior Position
General Motors, a Company which Manufactures Hummer explained why the Price has increased drastically.
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