Pinterest (NYSE:PINS) stock is skyrocketing on Thursday as the company’s newly released ‘Shuffles by Pinterest’ app is generating a lot of buzz on social media and is currently the #5 app in the ‘Lifestyle’ category on the iOS App Store.
The app was just released on July 27, 2022, with very little fanfare, and the app is ‘invite only’ makes this accomplishment astounding. The software is so obscure that management didn’t even bother to bring it up with investors during the most recent earnings call they held.
According to the app’s description, “collective collaging” was the primary goal in the development of Shuffles. “Do you want some help planning an outfit for a festival? Imagine the perfect bedroom you’ve always wanted. Your aesthetic mood board, as it is right now? Or would you simply express yourself by producing something stunning, peculiar, or hilarious? You’ll enjoy Shuffles, “The following is what the description has to say about it:
Despite a 10% increase in value today, Pinterest (NYSE:PINS) stock is still down 37% for the year. However, activist investor Elliott Management gave the stock a fresh lease on life in July after purchasing a nine percent interest in the company. Since then, there has been widespread speculation on whether or not Elliott may attempt to re-engage the company in merger discussions with PayPal (NASDAQ:PYPL), another investment vehicle held by Elliott. In the fall of 2017, PayPal discussed acquiring Pinterest for a price of $45 billion; however, the company ultimately decided against moving forward with the deal. That decision turned out to be good, as Pinterest’s market valuation has dropped to just $15 billion.
Following the announcement in June that co-founder and longstanding CEO Ben Silbermann will step down and move to a newly created post of Executive Chairman of the board, Pinterest (NYSE:PINS) is currently functioning under the leadership of a new CEO. Bill Ready, formerly employed by Alphabet, has taken Silbermann’s post.
Featured Image: Megapixl @Koolander