NEW YORK (Agefi-Dow Jones)–The action of the social network Pinterest jumped 18.6% Tuesday in pre-opening exchanges on Wall Street, to 23.70 dollars, carried by the confirmation of the entry into its capital of the activist fund Elliott Management.
In a statement late Monday, Elliott executives Jesse Cohn and Marc Steinberg said the fund had become the “largest shareholder” of Pinterest, “a highly strategic company with significant growth potential.” Elliott’s press release does not specify the stake held by the fund.
Last month, the Wall Street Journal, citing people familiar with the matter, reported that Elliott had acquired a more than 9% equity stake in Pinterest.
The action of Pinterest, which is facing a decline in its audience, has lost 45% since the start of the year, much more than the Nasdaq Composite index, which at the same time fell 21%.
-Caitlin McCabe, The Wall Street Journal
(French version and contribution Valérie Venck) ed: DID
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August 02, 2022 08:40 ET (12:40 GMT)