We appreciate the perspective the team brings, as well as their commitment to our Company and mission. 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.". 22 HOURS AGO, [the voice of enterprise and emerging tech]. liked it 3.00 avg rating 1 rating. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. 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. Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Rupert and Lillian Radford Professor of Law . Already a member? 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. 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. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Marc Steinberg. 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. } 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . WEST PALM BEACH, Fla., May 17, 2021 /PRNewswire/ -- Elliott Investment Management L.P. today released the following statement on behalf of Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg regarding AT&T's (NYSE: T) plan to merge media assets with Discovery: 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. The stock price has tumbled 38% since January and closed at $22.72 . Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. 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. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. The two sides had been holding talks for several . 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. Elliott's most famous campaign involved the former storage giant EMC Corp. 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. 13 others named Jesse Cohn are on LinkedIn. Available on iOS and Android, and at pinterest.com. Elliott has made many technology-focused investments. .article-native-ad { Those extra employees are becoming a liability as Salesforces revenue growth slows. 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 . "We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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.". There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. Get your daily dose of business updates on WhatsApp. A Division of NBCUniversal. boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. "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. Available on iOS and Android, and at pinterest.com. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Your Reason has been Reported to the admin. We undertake no duty to update this information unless required by law. 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. 2/6/1952 - 7/1/2022. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. Things could certainly be going much better for Salesforce at present. They have also lived in Altadena, CA and Westlake Village, CA. 2022 Elliott Investment Management L.P. All rights reserved. Marc Steinberg is a Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. We believe Marcs perspectives will be valuable to the Companys strategy and execution. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. We want to hear from you. Get this delivered to your inbox, and more info about our products and services. Senior Portfolio Manager at Elliott Management . It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. The two sides . Salesforce has already had to deal with one activist investor. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg issued a statement commending Stephenson, Lead Director Matt Rose and the entire board and management team. 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. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . by. Experience Your Economic Times Newspaper, The Digital Way! The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. Twitter is now executing against an ambitious multi-year plan to dramatically increase the company's reach and value, and we look forward to the next chapter of Twitter's story. ", "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. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Al hacer clic en Aceptar todo, aceptas que Yahoo y nuestros socios procesarn tu informacin personal y utilizarn tecnologas como cookies para presentarte anuncios y contenido personalizados, evaluar anuncios y contenido, obtener datos clave sobre la audiencia y desarrollar productos. font-size: 34px; Sign up for free newsletters and get more CNBC delivered to your inbox. 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. ET. 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. Elliott has made many technology-focused investments. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. 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 . 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. The two sides had been holding talks for several months. 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. Elliott has made many technology-focused investments. This will alert our moderators to take action. } Stock Radar: 30% down from highs! "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 . With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Shares of the company rose more than 3% in premarket trading on Monday. Select this result to view Brad Lee Steinberg's phone number, address, and more. Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. Jesse Cohn. 4 2021, Published 3:06 p.m. Elliott Investment Management L.P. manages approximately $48 billion of assets. line-height:1.5; 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. .article-native-ad p { New York, New York. Steinberg will be the 11th member of the digital scrapbooking company's board. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Neil Doshi 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said.