Pinterest Stock Is Popping After Hours: What's Going On?

Pinterest Inc PINS shares are trading higher in Tuesday's after-hours session after the Company announced a partnership with Elliott Investment Management.

What Happened: Idea discovery platform company Pinterest has entered into a long-term cooperation agreement with Elliott Investment Management, which includes the appointment of Elliott Management's Marc Steinberg to the Company's board.

"We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. 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," said Bill Ready, CEO of Pinterest.

From Last Week: Pinterest Pares Back On 'Creator Rewards' Program Amid Macro Slowdown

Steinberg noted that Pinterest's business model has a significant opportunity for growth and value creation. 

"Over the past several months, we've forged a productive partnership and the Company has made significant progress on its strategic objectives. 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 Company's potential," Steinberg said.

Pinterest's board will expand to eight independent directors and 11 members total, including Steinberg. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement.

See Also: Why Stitch Fix Stock Is Falling After Hours

PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of $16.14.

The stock was up 2.82% in after hours at $23.35 at time of publication, according to Benzinga Pro.

Photo: Souvik Banerjee from Pixabay.

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