Pinterest pares quick gain on report activist Elliott suggests potential company sale
5./15 WEST

Pinterest (NYSE:PINS) pared a quick earlier gain and ticked down 0.4% amid a report that activist Elliott is said to suggest a sale of the company is a potential option.
Elliott, which has a 9% stake in Pinterest (PINS), is said to want to see the company better monetize its user base or put itself up for sale, according to a Barrons.com report, which cited people familiar with the hedge fund.
The report comes after Pinterest (PINS) surged 16% on July 15 after WSJ reported that Elliott had taken a 9% stake in the social media company. Elliott early last month
confirmed it was the company's top stakeholder and also offered a vote of confidence in the CEO change from co-founder Ben Silbermann to ex-Googler Bill Ready.
The Elliott stake also came after a report from Bloomberg in October that PayPal (PYPL) had approached Pinterest (PINS) about a possible takeover. Paypal later said that it wasn't pursuing a PINS deal.
Elliott confirmed in early August that it had also taken a stake in PayPal (PYPL) and was working with the payments company on a review of capital return alternatives.
A deal between PayPal (PYPL) and Pinterest (PINS) isn't on the table, according to the Barrons report, which cited people close to both companies.
The Bloomberg report came after the FT in February 2021 that Microsoft (MSFT) had approached Pinterest about a possible takeover, though PINS indicated it wanted to remain independent at the time.