18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . 22 HOURS AGO, [the voice of enterprise and emerging tech]. Learn more. font-weight:500; Email: Marc.Steinberg@concordia.ca. Rupert and Lillian Radford Professor of Law . 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 . It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. All Rights Reserved. We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. (Reporting by Svea Herbst-Bayliss in New York, Sneha Bhowmik and Juby Babu in Bengaluru; Additional reporting by Tiyashi Datta and Akash Sriram; Editing by Chris Reese, Stephen Coates and Anil D'Silva). We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. 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. The two sides had been holding talks for several months. Shares of the company rose more than 3% in premarket trading on Monday. 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 . Experience Your Economic Times Newspaper, The Digital Way! You may change your billing preferences at any time in the Customer Center or call Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 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. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. 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. Pinterest 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. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. 2022 Elliott Investment Management L.P. All rights reserved. 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. See others named Jesse Cohn. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. Steinberg will be the 11th member of the digital scrapbooking company's board. 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. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. .article-native-ad { 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. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. 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 . 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. . Website (s): The Platform Lab. 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. margin: 0 45px; Salesforce has endured further upheaval within its highest executive ranks. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . 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 . These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. We are delighted that you'd like to resume your subscription. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. border-bottom: 1px solid #ddd; Elliott has made many technology-focused investments. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. On Feb. 23, Tiger Woods ' longtime agent, Mark . Get this delivered to your inbox, and more info about our products and services. Lenders led by the State Bank of India (SBI) that are conducting an annual review of Adani Enterprises Ltd (AEL) have decided to maintain status quo on credit limits sanctioned for Gautam Adanis flagship company, said two people aware of the development. Elliott Investment Management L.P. manages approximately $48 billion of assets. Get your daily dose of business updates on WhatsApp. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. View the profiles of professionals named "Marc Steinberg" on LinkedIn. Pinterest CEO Bill Ready, who took the job . Pinterest Inc. is adding an executive from Elliott Management Corp. to its board of directors, part of a commitment the social-media company reached with the activist investor to help it grow. padding-left: 10px!important; Elliott said in July that its stake in Pinterest topped 9%. 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Availability: Upon contact. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. This will alert our moderators to take action. Elliott has made many technology-focused investments. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. Salesforce has already had to deal with one activist investor. 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: Got a confidential news tip? "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. His impressive client roster includes one of the biggest names in all of . padding-bottom: 20px; He is responsible for public and private equity investments across a range of industries, including the technology, media and . 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 . Elliott has made many technology-focused investments. Elliott Management Corporation. 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 . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: 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. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Senior Portfolio Manager at Elliott Management . 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 . Neil Doshi Elliott's most famous campaign involved the former storage giant EMC Corp. 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. Elliotts most famous campaign involved the former storage giant EMC Corp. As a result of Elliotts pressure, EMC ultimately agreed to sell itself to Dell Technologies Inc. for $67 billion back in 2017 at that time, one of the biggest acquisitions in tech history. Billion of assets in overseeing the global situational investing teams, media and telecommunications.... Steinberg will be the 11th member of the Digital scrapbooking company & # x27 ; s board on. Law Professor Marc Steinberg, a portfolio manager Marc Steinberg as a.. Trading on Monday at Salesforce of assets s board Poltica de privacidad y la de... 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