The disclosure of hedge fund Elliott Management’s 9% stake in Pinterest via the WSJ could be a hindrance to the company’s e-commerce play.
Why it’s the BFD: The recent move to bring on new CEO Bill Ready was a way to ready the ship (excuse the pun) and move Pinterest toward e-commerce.
Catch up fast: The company tapped former Google commerce business exec Ready last month. He brings e-commerce chops from his experience at PayPal, Braintree and Venmo.
Yes, but: Online con…….
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The disclosure of hedge fund Elliott Administration’s 9% stake in Pcuriosity by way of the WSJ Might be a hindrance to The agency’s e-commerce play.
Why It is the BFD: The current transfer to convey on new CEO Invoice Readverty was A method to readverty the ship (excuse the pun) and transfer Pcuriosity in the direction of e-commerce.
Catch up quick: The agency tapped former Google commerce enterprise exec Readverty final month. He conveys e-commerce chops from his expertise at PayPal, Braintree and Venmo.
Sure, however: On-line shopper spending has declined currently and the know-how sector is dealing with headvertwinds like climbing Costs of curiosity, inflation and worldwide conflicts.
What’s subsequent: As our Media Provides colleague Kerry Flynn notes, The huge stake has drawn hypothesis for a future sale or completely different huge modifications, Simply like how Elliott pressured Twitter.
- Pcuriosity’s potential acquirers could differ from a social media platform to fintech corporations, Kerry writes.
- Amongst The numerous potential suitors floated are Meta, Snap, TikTok, Sq. and Shopify (for which it has a partnership) And private equity.
Flashback: PayPal, nonetheless ancompletely different potential contender, was in talks To buy the social media agency for $45 billion. That effort was shelved following shareholder backlash, per the WSJ.
Menace diploma: Pcuriosity co-founder Ben Silbermann, who transitioned from CEO to authorities chairman, owns an roughly 37% voting stake Inside The agency, which could restrict Elliott’s power, WSJ reviews.
💭 Our thought bubble: Elliott’s stake suggests it Might be taking The agency on A particular path — maybe by reinvigorating its advert enterprise. Maintain tuned for extra reporting!