Pinterest CEO’s Wealth Tops $5 Billion on Microsoft News Report

This article was originally published on this site

(Bloomberg) — Pinterest Inc. co-founder Ben Silbermann’s wealth topped $5 billion after the Financial Times reported that Microsoft Corp. had made inquiries about buying the company.

© Bloomberg Ben Silbermann, co-founder and chief executive officer of Pinterest Inc., stands on the floor of the New York Stock Exchange (NYSE) during the company’s initial public offering (IPO) in New York, U.S., on Thursday, April 18, 2019. Pinterest’s message to investors was don’t compare us to social media or a search engine. The outcome Wednesday was that it raised about $1.4 billion in an above-range initial public offering.

Shares of the social-networking platform jumped 7.3% on the news to close Thursday at a record $87.03 in New York, adding about $325 million to Silbermann’s fortune, according to the Bloomberg Billionaires Index.

Microsoft approached the San Francisco-based company in recent months about a takeover, but the talks aren’t currently active, according to the FT, which cited unidentified people briefed on the matter. With a market cap of $53.7 billion, Pinterest would be Microsoft’s largest acquisition ever — more than double the $26.2 billion it paid in 2016 for LinkedIn Corp.

Video: New SEC chairman will likely review crypto: Former SEC chairman (CNBC)

New SEC chairman will likely review crypto: Former SEC chairman
What to watch next

Silbermann, 38, had previously rejected the idea of a takeover, saying in a 2018 interview with German newspaper Handelsblatt that Pinterest would remain an independent company.

Silbermann’s wealth has almost doubled in the last four months as the firm’s shares have surged. The digital scrapbooking company said fourth-quarter revenue rose 76% from a year earlier while the number of active users increased by more than a third to 459 million. Silbermann made $227 million cash from stock sales in 2020, regulatory filings show.

For more articles like this, please visit us at bloomberg.com

©2021 Bloomberg L.P.

Continue Reading