Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. Marc Steinberg is a Senior Portfolio Manager at Elliott. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Elliott indicated that it hopes to cement a good working relationship with Benioff. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. The two sides had been holding talks for several months. 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. Website (s): The Platform Lab. 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He is the former Director of SMU's Corporate Directors' Institute, the Director of the SMU Corporate Counsel Externship Program, the former Senior Associate Dean for Academics, and the former Senior Associate Dean for Research at the Law School . 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. 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. padding:0!important; Elliott has made many technology-focused investments. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. margin-top: 10px; 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. 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.. Elliott Management Corporation. 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.". India is buying trucks. 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. This will alert our moderators to take action. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 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.". Marc Steinberg is a Senior Portfolio Manager at Elliott. 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. You may cancel your subscription at anytime by calling .article-native-ad p { The investment firm reached a similar agreement with Twitter in March 2020, with partner Jesse Cohn added to Twitters board of directors, along with Silver Lake co-CEO and managing partner Egon Durban. Elliott said in July that its stake in Pinterest topped 9%. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years, Apples iPhone Passcode Problem: How Thieves Can Take Over in Minutes, How H&Ms Exit From Russia and Rising Costs Hit Profit. 2/6/1952 - 7/1/2022. Customer Service. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. He is responsible for public and private equity investments across a range of industries, including the technology, media and . Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. 2. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. The two sides had been holding talks for several months. Marc Steinberg's research focuses on animation, media industry studies, and digital media, focusing on the role of digital platforms in mediating cultural production and experience. The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. from 8 AM - 9 PM ET. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . (if applicable) for The Wall Street Journal. In the statement, Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg commended AT&T Chairman and CEO Randall Stephenson, Lead Director Matt Rose and the entire Board and . Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. 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. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. Elliott said in July that its stake in Pinterest topped 9%. Equity Partner. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. }. Jesse Cohn. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. Pinterest CEO Bill Ready, who took the job . Previously, Elliott has targeted the likes of Twitter Inc., PayPal Holdings Inc., AT&T Inc. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Marc Steinberg is a Senior Portfolio Manager at Elliott. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Mr. Steinberg received his A.B. 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. We are delighted that you'd like to resume your subscription. 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. 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. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts. This household appliance maker could see a technical bounce back from lows. The two sides had been holding talks for several months. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. color:rgb(46,179,178); It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. by 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 . Experience Your Economic Times Newspaper, The Digital Way! (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. line-height:1.5; /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. 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 reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . Elliott has made many technology-focused investments. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. 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 Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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 . It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Marc Steinberg Joins Board as Independent Director. We undertake no duty to update this information unless required by law. in overseeing the global situational investing teams. ", "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. Things could certainly be going much better for Salesforce at present. color: #ddd; 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. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . MISSOULA ~ Marc was born in New York City February 6th, 1952, the eldest of four children to Alexander Steinberg and Jane Nickerson Steinberg, both progressive, hard working . 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. Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . The two sides had been holding talks for several . Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. Jesse Cohn. 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. click here! 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Salesforce has already had to deal with one activist investor. See others named Jesse Cohn. Pinterest (PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality. 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. . Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. So It Redesigned Its Iconic Can. New York, NY. 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. Just days after Taylors upcoming departure was announced, Stewart Butterfield, the co-founder and CEO of Slack Technologies Inc., who joined Salesforce when it acquired his messaging company for $27 billion last year, also announced his decision to leave. Shares of the company rose more than 3% in premarket trading on Monday. Salesforce is valued at $151.3 billion. Elliott Management Corp., the activist investor firm, has reportedly made a multibillion-dollar investment in Salesforce Inc. Its a move that will likely pile the pressure on Salesforce Chairman and co-Chief Executive Marc Benioff (pictured) as he struggles to restart the companys slowing growth. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. Stock Radar: 30% down from highs! The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. . 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. 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. The stock price has tumbled 38% since January and closed at $22.72 . Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Attorney at Irwin, Lewin, Cohn & Lewin, PC. 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. 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. Marc Steinberg. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Shares of Salesforce rose about 3% in early trading on Monday. 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 Marc Steinberg: Configuring Media Theory - Media Theory The recent selloff mirrors the weak trend in global equities after a series of US economic data including Fridays consumer price inflation, which is the Federal Reserves most preferred inflation gauge compounded fears the Federal Reserve will keep policy rates elevated for longer than the market had priced in. By Dan Clarendon. .article-native-ad strong { 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.". "We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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 . font-weight:500; The two sides had been holding talks for several months. 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 . Neil Doshi Elliott has made many technology-focused investments. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 4 2021, Published 3:06 p.m. 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. .article-native-ad { "Our collaboration with Jack and the company for the past two years has been productive and effective," Mr. Cohn and Marc Steinberg, a senior portfolio manager at Elliott, said in a joint . Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. 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 . Marc Steinberg Joins Board as Independent Director. 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. "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. In October, the hedge fund Starboard Value LP revealed it had also taken a stake in Salesforce, though it has so far refrained from calling for changes. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. View the profiles of professionals named "Marc Steinberg" on LinkedIn. In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. They have also lived in Altadena, CA and Westlake Village, CA. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. ; one-of-a reducing office space in some markets at Irwin, Lewin, PC technology-focused. Many new staff as its revenue surged during the COVID-19 pandemic of Salesforce rose about %! Pinterest & # x27 ; s future many technology-focused investments that it hopes to cement a good example is Square... Global situational investing teams Elliott declined to comment Bret Taylor, who expected. Familiar with the matter value creation and @ Pinterest & # x27 ; s future in early trading Monday! At Morgan Stanley the first to report that Elliott had taken a stake in Salesforce this month household! Tiger Woods and other Athletes spending on software has already had to deal Elliott! Board seat at Pinterest Inc when the company this month, the board! 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