Pinterest shares pop after report Elliott has acquired more than 9% stake
Pinterest went public in 2019
Mainstay Capital Management CEO and CIO David Kudla says investors shouldn't get 'too excited' about growth stock rallies.
Pinterest shares popped in premarket trading on Friday following a report that activist investor Elliott Management is in talks with the company.
The Wall Street Journal, citing people familiar with the matter, said Thursday that Elliott Management has amassed a more than 9% stake in Pinterest, sending shares soaring 24% in extended trading.
The Journal said it could not be determined what the discussions between the parties were about.
Elliott has told Pinterest that it is its biggest investor, and Refinitiv data shows that The Vanguard Group holds an 8.7% stake.
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A Pinterest logo is seen on a smartphone in this illustration taken October 20, 2021. (Reuters/Dado Ruvic/Illustration / Reuters)
Pinterest co-founder and former chief executive Ben Silbermann has a roughly 37% voting stake in the company.
Silbermann stepped down from his position in June.
The Pinterest logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, Oct. 20, 2021. (Reuters/Brendan McDermid/File Photo / Reuters)
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Meanwhile, Pinterest's stock has plummeted by more than 50% this year.
A display for image sharing service Pinterest is seen at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. (Reuters/Chris Helgren / Reuters)
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The image-sharing service went public in early 2019.
Pinterest and Elliott Management did not immediately return FOX Business' request for comment.
Reuters contributed to this report.