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Activist investor Elliott Management Corp is buying a big stake in Pinterest Inc (NYSE: PINS), according to a Wall Street Journal report.
Elliott has accumulated a stake of over 9% in the company, WSJ reported on Thursday citing unnamed sources.
Shares of the company jumped over 20% in extended trading.
This comes after Ben Silbermann stepped down as chief executive in June and was replaced by the president of commerce at Alphabet Inc.’s Google.
The social media company has been struggling with a decline in the number of users after a sharp uptick during the first two years of the pandemic.
Picture Credits: Bloomberg News
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