Pinterest Announces Partnership with Elliott Investment Management

Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, “Elliott”), 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,” said Bill Ready, Chief Executive Officer, Pinterest. “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 on 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.”

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

“Elliott understands our vision at Pinterest: to build a place where Pinners can find inspiration and, in doing so, create value for businesses,” said Ben Silbermann, Co-founder and Executive Chairman, Pinterest. “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.”

With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments.

About Marc Steinberg

Marc Steinberg is a Senior Portfolio Manager at Elliott. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. He currently serves on the board of directors of two private companies: Nielsen, a global leader in audience insights, data and analytics, and Cubic, a technology-driven provider of solutions for public transit and defense applications. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Mr. Steinberg received his A.B. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa.