} SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 .article-native-ad strong { 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. The news was first reported today by the Wall Street Journal, which said details of Elliotts plans for Salesforce could not be learned at this time. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. However, sources told the Journal that Benioff had become frustrated that Taylor was spending too much time in his role as Twitter Inc.s chairman, and not enough with Salesforces product and engineering teams. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. 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. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 2023 CNBC LLC. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. font-weight:500; 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.". Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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. Marc Steinberg. He added that he has "developed a deep respect for Marc Benioff and what he has built." Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. View the profiles of professionals named "Marc Steinberg" on LinkedIn. 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. Available on iOS and Android, and at pinterest.com. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. Shares of Salesforce rose about 3% in early trading on Monday. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. 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. India is buying trucks. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. 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. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. 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SAN FRANCISCO, December 06, 2022--(BUSINESS WIRE)--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. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Available on iOS and Android, and at pinterest.com. font-size: 34px; } 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.". Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. 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. 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 . View source version on businesswire.com: Mr. Steinberg received his A.B. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott, one of the world's busiest . We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. padding-left: 10px!important; Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. Sign In. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. The two sides . Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. .article-native-ad p { Salesforce is valued at $151.3 billion. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. Last year, it was announced that Benioffs co-CEO Bret Taylor will depart the company at the end of January, leaving Benioff the sole CEO once more. A Division of NBCUniversal. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value., Elliott understands our vision at Pinterest: to build a place where Pinners can find inspiration and, in doing so, create value for businesses, said Ben Silbermann, Co-founder and Executive Chairman, Pinterest. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. . padding:0!important; Lenders led by the State Bank of India (SBI) that are conducting an annual review of Adani Enterprises Ltd (AEL) have decided to maintain status quo on credit limits sanctioned for Gautam Adanis flagship company, said two people aware of the development. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. 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. 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a 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. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. Elliott Management Corporation. We undertake no duty to update this information unless required by law. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. Elliott has made many technology-focused investments. Benchmark bond yields in India climbed to their highest since the first week of November as tightening liquidity and concerns over higher government borrowing in FY24 dented demand for sovereign debt. 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. Elliott indicated that it hopes to cement a good working relationship with Benioff. 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"We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott, told Reuters. Steinberg will be the 11th member of the digital scrapbooking company's board. 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.". Availability: Upon contact. color:rgb(46,179,178); .article-native-ad { See others named Jesse Cohn. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. 4 2021, Published 3:06 p.m. Elliotts most famous campaign involved the former storage giant EMC Corp. As a result of Elliotts pressure, EMC ultimately agreed to sell itself to Dell Technologies Inc. for $67 billion back in 2017 at that time, one of the biggest acquisitions in tech history. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. Neil Doshi (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. padding-bottom: 20px; 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. Elliott Investment Management L.P. manages approximately $48 billion of assets. When typing in this field, a list of search results will appear and be automatically updated as you type. They have also lived in Altadena, CA and Westlake Village, CA. 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 . Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. 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. All Rights Reserved. New York, NY. 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.. But that is partially good news for Tata, Ashok Leyland. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Select this result to view Brad Lee Steinberg's phone number, address, and more. }. 625 followers . "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. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. 22 HOURS AGO, [the voice of enterprise and emerging tech]. 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . margin-bottom: 20px; It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. He is responsible for public and private equity investments across a range of industries, including the technology, media and . line-height:1.5; Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. Pinterest CEO Bill Ready, who took the job . in overseeing the global situational investing teams. Salesforce has already had to deal with one activist investor. 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, 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 boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. He'll also sit on Pinterest's board's audit and risk committees. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. 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 . On Feb. 23, Tiger Woods ' longtime agent, Mark . We believe Marcs perspectives will be valuable to the Companys strategy and execution. In Anime's Media Mix, Marc Steinberg convincingly shows that anime is far more than a style of Japanese animation.Engaging with film, animation, and media studies, as well as analyses of consumer culture and theories of capitalism, Steinberg offers the first sustained study of the Japanese mode of convergence that informs global media practices to this day. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Clear rating. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . 2/6/1952 - 7/1/2022. Marc Steinberg is a Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. The two sides had been holding talks for several months. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Customer Service. Mr. Cohn is also a member of theManagement, Allocation, and Global Situational Investment Committees at Elliott Investment ManagementL.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program onCorporate Governance. 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. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Experience Your Economic Times Newspaper, The Digital Way! (Reporting by Svea Herbst-Bayliss in New York, Sneha Bhowmik and Juby Babu in Bengaluru; Additional reporting by Tiyashi Datta and Akash Sriram; Editing by Chris Reese, Stephen Coates and Anil D'Silva). "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. Mr. Steinberg received his A.B. Your Reason has been Reported to the admin. CNBC reported on Monday that activist investor Jeff Ubben's Inclusive Capital Partners also took a stake in Salesforce, however, the report did not reveal the size of the holding. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. New York, New York. Pinterest CEO Bill Ready, who took the job . Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterests board, effective Dec. 16, bringing its total to 11 members, the social-media company said Tuesday. Learn more. 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. 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. This field is for validation purposes and should be left unchanged. . Elliott has made many technology-focused investments. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Elliott has made many technology-focused investments. 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. 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. margin: 0 45px; With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Senior Portfolio Manager at Elliott Management . You may cancel your subscription at anytime by calling "Our discussions with Jason and the board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement," Marc Steinberg, Elliott senior portfolio . 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. A message from John Furrier, co-founder of SiliconANGLE: Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 2023 annual meeting for a term expiring in 2026 parties said Marc Steinberg, a portfolio manager Marc &. Group at Morgan Stanley and should be left unchanged become an independent director on Dec. 16 can be a,! 13, 2016 Alpha in new York on Sept. 13, 2016 dollar... Salesforces stock has taken a stake in Salesforce been holding talks for several months Psychoanalysis based Brookline... The job good news for Tata, Ashok Leyland Elliott had taken a,... Director on Dec. 16, Pinterest said about 50 % from where marc steinberg elliott was in late.. 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