Pinterest stock up 2.82% after hours after hours

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Pinterest stock up 2.82% after hours after hours

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

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

We believe in engagement with key stakeholders and this one-of-a-kind agreement with Elliott is a result of that. Bill Ready, CEO of Pinterest, said they're looking forward to working together as they execute on their strategy to increase engagement with users, deepen monetization per user, and build personalized experiences on Pinterest.

From last week: Pinterest Pares Back On 'Creator Rewards' Program Amid Macro Slowdown

Steinberg noted that Pinterest's business model has a lot of potential for growth and value creation.

The Company has made significant progress on its strategic objectives and we have forged a productive partnership over the past several months. Steinberg said that Bill and the Pinterest team are the right leaders to lead the Company forward and that they have only scratched the surface of the Company's potential.

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

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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 the hours after hours at $23.35 at the time of publication, according to Benzinga Pro.