$PINS Up In After-Market On Institutional BUY

My 2 cents: Reading over the metrics on this article, I’d be selling the news. Similar to the Musk/$TWTR pop once it was announced - belatedly - that he had bought 9% of $TWTR:

$CNBC headline: Pinterest shares soar after report that Elliott Management has acquired a 9% stake

PUBLISHED THU, JUL 14 20225:28 PM EDTUPDATED THU, JUL 14 20226:40 PM EDT

:pushpin: The Wall Street Journal reported that Elliott Management has acquired a stake of over 9% in Pinterest.

:pushpin: Pinterest co-founder Ben Silbermann stepped down from the CEO role in late June.

:pushpin: The company’s number of global monthly active users is declining.

https://www.cnbc.com/2022/07/14/pinterest-soars-after-report…

Pinterest shares jumped over 20% in extended trading on Thursday after The Wall Street Journal reported that Elliott Management has accumulated a stake of over 9% in the company.

Elliott, known for its activist investments, has been discussing unspecified matters with Pinterest for the past several weeks and told the company it’s now the largest shareholder, the Journal reported, citing unnamed sources.

Prior to the after-hours pop, Pinterest shares plummeted 75% in the past year as the social media company struggled to retain users. While revenue grew 52% in 2021 to over $2.5 billion, the number of global monthly active users fell 6% to 431 million, a worrying sign for investors concerned that the app’s popularity is dwindling.

$PINS daily chart:

https://schrts.co/ErCHZcIC

$PINS weekly chart:

https://schrts.co/zCBTCmDA

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