After years of speculation and extensive plans to keep the company private for as long as possible, the social media platform Pinterest is reportedly preparing an initial public offering.
What Happened
Founded in 2009, Pinterest is as an online idea discovery and saving platform that allows users to organize data for both personal and public use. Pinterest is available as an app as well as in traditional web browsers.
Despite its growing success and popularity, Pinterest has remained a private company. But due to recent exponential growth, the company is working toward an IPO in mid-2019, according to CNBC.
Pinterest has 200 million monthly users worldwide, placing it in the top 10 social media sites.
The social media company hit $500 million in sales last year and is now approaching the $1 billion mark, CNBC said.
Why It’s Important
Analysts are already projecting strong valuations for the planned IPO.
Based on trades in the secondary market, the company is valued between $13 billion and $15 billion, according to CNBC.
In June 2017, Pinterest was valued at $12.3 billion.
What’s Next
A Pinterest IPO could come at the same time that other name-brand startups go public, including Uber and Airbnb, according to CNBC.
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Photo courtesy of Pinterest.
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