Pinterest rises as Elliott adds one board member to co

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07/12/2022 13:07

** Shares of Pinterest Inc  PINS.N  up 1.2% at $22.99
premarket
    ** Pinterest says it reached a deal with Elliott Management,
the activist investment firm that has offered up ideas on how to
improve operations at the image sharing and social media service
company 
    ** Marc Steinberg, a portfolio manager at Elliott, will join
the board on Dec. 16 - PINS
    ** Elliott owns nearly 3% of common stock, making up a
portion of its total stake in Pinterest of more than 9%
    ** PINS fell 5% in Tuesday's broad market slump as European
Union's concern over targeted ads at Meta Platforms'  META.O 
Facebook and Instagram hit its shares and knocked down other
ad-dependent social media firms
    ** YTD, shares of Pinterest down 38%
 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))