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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. 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. He is responsible for public and private equity investments across a range of industries, including the technology, media and . Cohn, who has served on the boards of several technology companies including Twitter and eBay Inc, called Salesforce "one of the preeminent software companies in the world.". We undertake no duty to update this information unless required by law. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. 22 HOURS AGO, [the voice of enterprise and emerging tech]. (if applicable) for The Wall Street Journal. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. They have also lived in Altadena, CA and Westlake Village, CA. Marc Steinberg. Stock Radar: 30% down from highs! 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. 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. This household appliance maker could see a technical bounce back from lows. 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. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Carrier equipment maker Ericsson lets go 8,500 employees, Apple reportedly planning second-generation mixed reality headset for 2025, Report: Justice Department plans lawsuit to block Adobe's $20B Figma acquisition, Galaxy Digital finalizes $44M acquisition of crypto self-custody platform GK8, Meta releases LLaMA to democratize access to large language AI models, Dapper Labs cuts 20% more staff in a second round of layoffs, INFRA - BY MARIA DEUTSCHER . 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 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. } "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 . We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. 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"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. Elliott has made many technology-focused investments. color:rgb(46,179,178); 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. Experience Your Economic Times Newspaper, The Digital Way! } Elliott said in July that its stake in Pinterest topped 9%. Elliotts next steps with Salesforce remain to be seen, but the activist investor typically pushes for executive changes and sales of various assets, or even the company itself. The two sides had been holding talks for several months. Elliott has made many technology-focused investments. By Dan Clarendon. 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. click here! 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. See others named Jesse Cohn. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. Things could certainly be going much better for Salesforce at present. padding:0!important; Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. But that is partially good news for Tata, Ashok Leyland. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. Campbells Soup Sales Were Declining. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. 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. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . Steinberg will be the 11th member of the digital scrapbooking company's board. Marc Steinberg Joins Board as Independent Director. 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. }. 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 . 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. .article-native-ad { However, they can also create big problems for company executives if they disagree with their suggestions. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. (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. by. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. 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. 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. 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