Pinterest Jumps 18% On Reports That Elliott Has 9% Stake

(RTTNews) - Shares of Pinterest, Inc. (PINS) jumped 18% in extended session on Thursday on reports that activist investor Elliott Management Corp. has taken a 9% stake in the compan.

According to WSJ, Elliott has built a stake of over 9% in Pinterest in recent months. The report also said that the investor is in talks with the social media company, however, it could not be determined what the discussions between the parties were about.

Elliott has told the company that it is its biggest investor, the report said.

PINS closed Thursday's trading at $17.56, down $0.85 or 4.62%, on the NYSE. The stock, however, gained $3.23 or 18.39% in the after-hours trading.