Why Pinterest Stock Dropped Today

Shares of Pinterest (NYSE: PINS), the social media company that encourages users to post images of their interests such as recipes, clothing, and interior design, got its shares remodeled 2% lower on Wednesday, as of 11 a.m. ET.

The stock appears to be falling in part due to its announcement that the CEO is stepping down -- and in part due to Wall Street's apparent reaction to this news.

Last night, Pinterest announced that its co-founder and current CEO Ben Silbermann is "transitioning" to the new role of "executive chairman" of the company -- and leaving his post as CEO. Pinterest will replace Silbermann with new CEO Bill Ready, a poach from Google, where he served for two years as president of Commerce, Payments & Next Billion Users. Prior to working for Google, Ready had served as chief operating officer at PayPal, and as chief executive officer of Braintree and Venmo.

Source Fool.com