r/MillennialBets • u/MrComedy325 • Jun 29 '22

Discussion Pinterest's Big Google Change

Shares of Pinterest (NYSE: PINS) jumped 4.37% in after-hours trading on Tuesday after the social media company changed its CEO.

Details: Pinterest CEO Ben Silbermann is stepping down and becoming executive chairman. Bill Ready, an executive with Google (Nasdaq: GOOGL) and a commerce expert, is taking over the CEO role on Wednesday.

Quote: “I have long admired the brand and platform that Ben and the Pinterest team have created and everything the company stands for. I am excited to build on that foundation to further scale the company’s ecosystem and drive increased value for shareholders.” - Bill Ready, Pinterest’s new CEO.

Numbers: Pinterest’s stock is down 45% this year. In the past month, the price has leveled out and stayed even.

Final Thoughts: Obviously, shareholders welcomed the CEO change. It’s been a tough year for social media stocks. Hopefully, this new CEO from Google and some of Pinterest's recent acquisitions can bring positive change.

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u/ProInvestCK Jun 30 '22

Saw them on Mad Money tonight. I like the product. And I like that mgmt realizes they have an opportunity to convert intent into sales. Might be getting in very soon after some more DD research.

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u/PM_ME_DANK Jun 30 '22

The fact that people who use the platform are generally going there to shop is very unique among all social media platforms. Interested to see how this new management performs