What's Going On With Pinterest Stock?

Pinterest Inc PINS shares are trading higher Wednesday after the idea discovery platform company announced a partnership with Elliott Investment Management.

What Happened: Pinterest entered into a long-term cooperation agreement with Elliott Investment Management late Tuesday, 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.

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, with the addition of Steinberg.

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

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

The stock was up 1.14% at $22.98 at time of publication, according to Benzinga Pro.

Photo: Hassas Arts from Pixabay.