The digital-search company that lets users create online pinboards informed impacted employees Wednesday.
Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a-kind agreement" and said the company "appreciates the perspective" Steinberg, Jesse Cohn, a managing partner at Elliott, and others at the firm bring.
Snap was the first major social media company to release its September-quarter earnings, and its stock tumbled 25% following the disappointing results after the bell. Snap warned that it would see no revenue growth in the normally busy holiday quarter.
The resignations signify the end of an era at the companies, which are among the most valuable and well-known to emerge from Silicon Valley in the past decade
Pinterest has "significant potential for growth", which led Elliott to become its largest shareholder, Elliott managing partner Jesse Cohn and senior portfolio manager Marc Steinberg said in a statement.
Pinterest Inc plunged 7.5 percent, Facebook-owner Meta Platforms Inc dropped 4.6 percent, Google-owner Alphabet Inc, which also sells ads online, fell 2.1 percent.
Shares of Pinterest soared 24% in extended trading following the report, which said it could not be determined what the discussions between the parties were about.
The news sent the company's shares 9% higher in extended trading on Tuesday and underscored a shift in focus at Pinterest to e-commerce initiatives from its advertising-based business model.
Like its peers, Pinterest posted strong user growth in the early months of the pandemic as home-bound consumers sought projects to keep themselves entertained. But that boom has faded with the easing of lockdowns, prompting the company to double down on efforts to grow its ad business.
PayPal Inc is not pursuing an acquisition of Pinterest Inc at this time, the payments company said on Sunday, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion.
PayPal has offered $70 per share for Pinterest
The companies have discussed a potential price of $70 per share, which would value Pinterest at around $39 billion, according to Bloomberg News.
Ifeoma Ozoma defied an non-disclosure agreement (NDA) to speak up about racial discrimination at Pinterest, a company that supported the Black Lives Matter movement. After quitting, she is working on a legislation that would allow employees to open up despite NDAs.
For Pinterest, buying a once-buzzy startup that was popular with younger audiences and that has expertise in photo- and video-editing technologies could bolster its core service
The negotiations were currently not active, according to the report.
The settlement includes Pinterest investing another $2.5 million to increase the presence of women and other under-represented groups in the tech industry, according to a joint statement.
Keen lets users say what they want to spend more time on, and curate content from the web.
Pinterest, the online scrapbook where users save ideas for clothes, décor and recipes, said it priced its initial public offering at $19 per share, above its $15-$17 target range.
NYSE has become the exchange of choice over NASDAQ for big technology companies in the past few years after NASDAQ famously bumbled the Facebook IPO with massive technology errors.
Researchers from Princeton University in the US focused on affiliate marketing, in which companies pay a commission to social media figures for driving sales.
Spark, which is currently only available for Amazon's premium paying Prime members, encourages users to share photos and videos, just like popular social media platforms Instagram and Pinterest. The new feature publicly launched on Tuesday for use on mobile devices that use Apple's iOS operating system.
The new offerings announced at the company's San Francisco headquarters yesterday include a virtual shopping bag that users can fill as they cruise bulletin boards.
Facebook founder and CEO Mark Zuckerberg's Instagram, LinkedIn, Pinterest, and Twitter accounts appeared to have been briefly compromised by hackers and in some cases were also defaced
London based tech firm Blippar, founded by 36 year old Ambarish Mitra in 2011. Blippar is an augmented reality or a visual discovery camera app positioned largely as an advertising or publishing tool. The app allows users to blip offline products by simply pointing their cameras to it and unlocking a plethora of digital information.
A comprehensive, industry-wide picture is difficult to track because mutual fund companies don't disclose their aggregate private company investments. Disclosures from No. 2 US mutual fund company Fidelity, however, show that some of its biggest funds have more than doubled their pre-IPO investments over the past two years.