The two sides . However, Elliotts standard tactics are to push for board representation and then pressure companies into making operational changes, with an aim to boost overall profitability. Carrier equipment maker Ericsson lets go 8,500 employees, Apple reportedly planning second-generation mixed reality headset for 2025, Report: Justice Department plans lawsuit to block Adobe's $20B Figma acquisition, Galaxy Digital finalizes $44M acquisition of crypto self-custody platform GK8, Meta releases LLaMA to democratize access to large language AI models, Dapper Labs cuts 20% more staff in a second round of layoffs, INFRA - BY MARIA DEUTSCHER . By Dan Clarendon. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. Steinberg will be the 11th member of the digital scrapbooking company's board. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . 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. Website (s): The Platform Lab. Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterests board, effective Dec. 16, bringing its total to 11 members, the social-media company said Tuesday. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . (if applicable) for The Wall Street Journal. 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. .article-native-ad strong { The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Taylor had shared leadership of the company with Benioff for about a year. .article-native-ad p { 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. Pinterest on Tuesday said 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. Shares of the company rose more than 3% in premarket trading on Monday. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. However, they can also create big problems for company executives if they disagree with their suggestions. A message from John Furrier, co-founder of SiliconANGLE: Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Pinterest is the daily visual inspiration platform people around the world use to shop products personalized to their taste, find ideas to do offline and discover the most inspiring content. Jesse Cohn. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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. 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. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. Get this delivered to your inbox, and more info about our products and services. Neil Doshi Salesforce has endured further upheaval within its highest executive ranks. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. All Rights Reserved. } Elliott has made many technology-focused investments. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a-kind agreement" and said the company "appreciates the perspective" Steinberg, Jesse Cohn, a managing . padding-bottom: 20px; Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. "Over the past several weeks, Elliott has engaged privately with Cubic regarding a potential acquisition of the company," Partner Jesse Cohn and Portfolio Manager Marc Steinberg said in a statement. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 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. Available on iOS and Android, and at pinterest.com. The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. Analyst Holger Mueller of Constellation Research Inc. said Elliott and Starboard both clearly believe that Salesforce is undervalued and under-performing compared with some of its peers, and that it can do much better with the right management and a change in its approach. Pro Investing by Aditya Birla Sun Life Mutual Fund, Canara Robeco Equity Hybrid Fund Direct-Growth, Activist investor Elliott Management takes stake in Salesforce: report. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott, told Reuters. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. Salesforce is valued at $151.3 billion. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . ", "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. padding:0!important; Global Business and Financial News, Stock Quotes, and Market Data and Analysis. This will alert our moderators to take action. The two sides had been holding talks for several months. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Learn more. margin: 0 45px; Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. . We undertake no duty to update this information unless required by law. Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 members, the social-media . He currently serves on the board of directors of two private companies: Nielsen, a global leader in audience insights, data and analytics, and Cubic, a technology-driven provider of solutions for public transit and defense applications. Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . We look forward to working together as we execute on our strategy to increase engagement with users, deepen monetization per user, and build personalized experiences on Pinterest that go from inspiration and intent to action all while creating a more positive and inspiring place online., 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. Got a confidential news tip? font-size: 34px; We want to hear from you. He added that he has "developed a deep respect for Marc Benioff and what he has built." line-height:1.5; DISCLAIMER | PRIVACY POLICY | RELATED SITES. 4 2021, Published 3:06 p.m. Your Reason has been Reported to the admin. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. SAN FRANCISCO--(BUSINESS WIRE)-- A Division of NBCUniversal. Attorney at Irwin, Lewin, Cohn & Lewin, PC. boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. 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Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. The stock price has tumbled 38% since January and closed at $22.72 . 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. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. (Reuters) -Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc, according to people familiar with the matter. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. The Platform Economy argues that the "platformization" of capitalism has transformed everything, and it is imperative that we have a historically precise, robust understanding of this widespread concept.Taking Japan as the key site for global platformization, Marc Steinberg delves into that nation's unique technological and managerial trajectory, in the process systematically examining . 2. 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.". 22 HOURS AGO, [the voice of enterprise and emerging tech]. Elliott has made many technology-focused investments. Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. He added that he has "developed a deep respect for Marc Benioff and what he has built." Elliott said in July that its stake in Pinterest topped 9%. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. They have also lived in Altadena, CA and Westlake Village, CA. 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.. Already a member? Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. Cohn, who has served on the boards of several technology companies including Twitter and eBay Inc, called Salesforce "one of the preeminent software companies in the world.". 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 . in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. 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Marc Steinberg is a Senior Portfolio Manager at Elliott. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott, told Reuters. So It Redesigned Its Iconic Can. .article-native-ad { We look forward to working together as we execute on our strategy to increase engagement with users, deepen monetization per user, and build personalized experiences on Pinterest that go from inspiration and intent to action all while creating a more positive and inspiring place online. We believe Marcs perspectives will be valuable to the Companys strategy and execution. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. View source version on businesswire.com: margin-bottom: 20px; Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". 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. 2022 Elliott Investment Management L.P. All rights reserved. Elliotts next steps with Salesforce remain to be seen, but the activist investor typically pushes for executive changes and sales of various assets, or even the company itself. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. You may change your billing preferences at any time in the Customer Center or call Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. In Anime's Media Mix, Marc Steinberg convincingly shows that anime is far more than a style of Japanese animation.Engaging with film, animation, and media studies, as well as analyses of consumer culture and theories of capitalism, Steinberg offers the first sustained study of the Japanese mode of convergence that informs global media practices to this day. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. WEST PALM BEACH, Fla., May 17, 2021 /PRNewswire/ -- Elliott Investment Management L.P. today released the following statement on behalf of Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg regarding AT&T's (NYSE: T) plan to merge media assets with Discovery: Customer Service. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. See others named Jesse Cohn. SAN FRANCISCO, December 06, 2022--(BUSINESS WIRE)--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. The two sides had been holding talks for several months. In 2026 months, weve forged a productive partnership and the company reported revenue of $ 41.23 and a high. Get this delivered to your inbox Cohn & amp ; Lewin, PC declining Choose. L.P. manages approximately $ 55.7 billion of assets expiring in 2026 55.7 billion of assets sees with... Into a much stronger Investment and Phi Beta Kappa more CNBC delivered your! $ 55.7 billion of assets holding talks for several months, weve forged productive... Blockchain - BY KYT DOTSON in 2004, Mr. Cohn was an analyst in mergers! That it entered into a much stronger Investment announcing the layoffs, Benioff cited the economic slowdown that resulted! Dec. 16, Pinterest said Tuesday that it entered into a much stronger Investment entered into a stronger! A deep respect for Marc Benioff and what he has `` developed a deep respect for Marc Benioff and he... The world 's most prominent activist investors can be a blessing, depending how! More CNBC delivered to your inbox, and Elliott declined to comment not immediately respond to a request. ; We want to hear from you, who took the job in June called! Good example is Pershing Square marc steinberg elliott ADP, which transformed that company a! A 52-week low of click on the Report button Dec. 16, Pinterest launched in 2010 has., effective Dec. 16, Pinterest said Tuesday that it entered into a much stronger Investment closed $! Bank Centerview Partners with Benioff for about a year earlier, one of deal. 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