This Billionaire Investor Is Buying Pinterest Stock. Should You?

Pinterest (NYSE: PINS) investors got a rare piece of good news on Thursday evening when The Wall Street Journal reported that activist investor Elliott Management has accumulated a 9% stake in the social media company.

Shares of Pinterest jumped 16% on the news on Friday, showing investors are hungry for a positive catalyst after the stock fell roughly 75% from its peak last year. Helmed by billionaire Paul Singer, Elliott is known for its aggressive tactics in its tech investments. For example, it pushed for Jack Dorsey's resignation as CEO of Twitter and successfully urged eBay to spin off its Stubhub and Classified businesses.

Pinterest just named a new CEO with co-Founder Ben Silbermann moving to the Executive Chairman. The company is bringing in Bill Ready as CEO, who previously led Alphabet's e-commerce and payments business.

Source Fool.com