Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Clear rating. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. ", "Pinterests unique business model is at the intersection of search, social media and commerce, with significant opportunity for growth and value creation," said Marc Steinberg. SAN FRANCISCO--(BUSINESS WIRE)-- . Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. Marc Steinberg. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Elliott Investment Management L.P. manages approximately $48 billion of assets. All Rights Reserved. View source version on businesswire.com: Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Website (s): The Platform Lab. This field is for validation purposes and should be left unchanged. Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, Elliott), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of Directors effective December 16, 2022. Email: Marc.Steinberg@concordia.ca. We undertake no duty to update this information unless required by law. by. "After months of deep market analysis, industry diligence and management reviews, we are firmly convinced Nielsen will continue to be the gold standard for audience measurement as it executes on the NielsenOne roadmap," said Jesse Cohn, managing partner at Evergreen, and Marc Steinberg, senior portfolio manager at Elliott, in a statement. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. Cohn, who has served on the boards of several technology companies including Twitter and eBay, called Salesforce "one of the preeminent software companies in the world.". 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . Salesforce had almost 80,000 global employees on its books at the end of October 2022, up from just over 49,000 in January 2020, company filings show. Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg issued a statement commending Stephenson, Lead Director Matt Rose and the entire board and management team. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. People have saved more than 390 billion Pins across a range of interests from building a home office to cooking a new recipe and planning a vacation. Marc Steinberg Joins Board as Independent Director. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: general economic and political uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, foreign exchange fluctuations and supply-chain issues as well as events such as Russia's invasion of Ukraine; our ability to provide useful and relevant content; our ability to attract and retain creators that create relevant and engaging content on our platform; risks associated with new products and changes to existing products as well as other new business initiatives; our ability to maintain and enhance our brand and reputation; compromises in security; our financial performance and fluctuations in operating results; our dependency on online application stores' and internet search engines methodologies and policies; discontinuation, disruptions or outages in authentication by third-party login providers; changes by third-party login providers that restrict our access or ability to identify users; competition; our ability to scale our business and revenue model; our reliance on advertising revenue and our ability to attract and retain advertisers and effectively measure advertising campaigns; our ability to effectively manage growth and expand and monetize our platform internationally; our lack of operating history and ability to sustain profitability; decisions that reduce short-term revenue or profitability or do not produce expected long-term benefits; the impact of the COVID-19 pandemic, including its impact on our business as well as on global and regional economies and economic activity; risks associated with government actions, laws and regulations that could restrict access to our products or impair our business; litigation and government inquiries; privacy, data and other regulatory concerns; real or perceived inaccuracies in metrics related to our business; disruption, degradation or interference with our hosting services and infrastructure; our ability to attract and retain personnel; and the dual class structure of our common stock and its effect of concentrating voting control with stockholders who held our capital stock prior to the completion of our initial public offering. CNBC reported on Monday that activist investor Jeff Ubben's Inclusive Capital Partners also took a stake in Salesforce, however, the report did not reveal the size of the holding. "Wed like to welcome Marc to the Pinterest Board following our collaborative dialogue with Marc, Jesse Cohn, and Elliott over the past few months," said Bill Ready, Chief Executive Officer, Pinterest. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. 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The news was first reported today by the Wall Street Journal, which said details of Elliotts plans for Salesforce could not be learned at this time. The two sides had been holding talks for several months. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. The two sides had been holding talks for several months. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. 625 followers . Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Customer Service. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. The two sides . Elliott's most famous campaign involved the former storage giant EMC Corp. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company. Marc Steinberg is a Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. Data is a real-time snapshot *Data is delayed at least 15 minutes. from 8 AM - 9 PM ET. 2022 Elliott Investment Management L.P. All rights reserved. Earlier this year, Salesforce, which is valued at $151.3 billion, said it planned to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Elliott has made many technology-focused investments. Already a member? padding-left: 10px!important; Availability: Upon contact. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005978/en/, Investor relations:Neil Doshiir@pinterest.com, https://www.businesswire.com/news/home/20221206005978/en/, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds, GLOBAL MARKETS-Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Protests make Norway's energy minister cancels UK trip, US subsidies are appealing to German companies-survey. Pinterest CEO Bill Ready, who took the job . Marc Steinberg Joins Board as Independent Director. Mr. Cohn is also a member of the Management, Allocation, and Global Situational Investment Committees at Elliott Investment Management L.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program on Corporate . Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. Dont miss out on ET Prime stories! Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . We are delighted that you'd like to resume your subscription. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Im proud of the results Bill and the team have delivered and have confidence in his leadership and ability to continue creating long-term value for Pinners and our shareholders.". A Division of NBCUniversal. New York, NY. DISCLAIMER | PRIVACY POLICY | RELATED SITES. This household appliance maker could see a technical bounce back from lows. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. Sign In. padding-bottom: 20px; It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Click here to join the free and open Startup Showcase event. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value., Elliott understands our vision at Pinterest: to build a place where Pinners can find inspiration and, in doing so, create value for businesses, said Ben Silbermann, Co-founder and Executive Chairman, Pinterest. Elliott Management Corporation. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. By Dan Clarendon. Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, "Elliott"), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of . .article-native-ad svg { We believe that Bill and the Pinterest team are the right leaders to guide the Company forward and we think they have only scratched the surface of the Companys potential. Elliott said in July that its stake in Pinterest topped 9%. Marc Steinberg Joins Board as Independent Director Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, "Elliott"), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of Directors effective December 16, 2022. Though that may not seem too bad, it still represents a significant slowdown from the 27% revenue growth Salesforce recorded in the same period a year earlier. Neil Doshi Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. 2023 CNBC LLC. Earlier this year Salesforce Inc said it plans to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. In a letter to AT&T's board, Elliott Management partner Jesse Cohn and associate portfolio manager Marc Steinberg wrote that AT&T's stock could potentially surge to above $60 a share by 2021 . Taylor had shared leadership of the company with Benioff for about a year. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. Are delighted that you 'd like to resume your subscription 10px! important ; Availability: contact! Resume your subscription earlier this month, the world 's most prominent activist,! Users worldwide * data is a real-time snapshot * data is delayed at least 15 minutes Directors and 11 total... 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