Pinterest Announces Partnership with Elliott Investment Management

Pinterest, Inc. announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P., including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of Directors effective December 16, 2022.

“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. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. We look forward to working together as we execute our strategy to increase engagement with users, deepen monetization per user, and build personalized experiences on Pinterest that go from inspiration and intent to action – all while creating a more positive and inspiring place online.”

Bill Ready, Chief Executive Officer, Pinterest.

 

“Pinterest’s unique business model is at the intersection of search, social media and commerce, with significant opportunity for growth and value creation,”

“Over the past several months, we’ve forged a productive partnership and the Company has made significant progress on its strategic objectives. We believe that Bill and the Pinterest team are the right leaders to guide the Company forward and we think they have only scratched the surface of the Company’s potential. I’m pleased to join a Board that demonstrates such a strong commitment to shareholder value.”

Marc Steinberg is a Senior Portfolio Manager at Elliott.

 

“Elliott understands our vision at Pinterest: to build a place where Pinners can find inspiration and, in doing so, create value for businesses,”

“We believe Marc’s perspectives will be valuable to the Company’s strategy and execution. I’m proud of the results Bill and the team have delivered and have confidence in his leadership and ability to continue creating long-term value for Pinners and our shareholders.”

Ben Silbermann, Co-founder and Executive Chairman, Pinterest.

With the addition of Steinberg, the Pinterest Board of Directors now has eight independent directors and a total of 11 members. Elliott has accepted standstill, voting, secrecy, and other obligations under the cooperation agreement.