The Clap
Shares of image sharing & social media service Pinterest (NYSE: PINS) jumped after investment management firm Elliott Management acquired a 9% stake.
The Deets
A report by the Wall Street Journal showed that Elliott is now Pinterest’s largest shareholder, sending Pinterest shares jumping 20% in extended trading.
Why this Matters
Elliott Management is known for being an activist investor, which are investors who acquire stakes with the intention of initiating change in the company.
Pinterest shares are down almost 75% over the past 12 months, & has seen its co-founder & CEO step down last June.