The share prices of Pinterest have reportedly experienced a surge on Tuesday trading.
Ben Silbermann Helps Pinterest Stocks Rise
The share prices for Pinterest rose following the announcement made by Ben Silbermann, the CEO of Pinterest. Silbermann, who had been running Pinterest for a very long time as the CEO of the company has announced his departure from the company.
As the company officials made the announcement, the share prices for Pinterest rose over 5% in the stock market.
According to the executives, Bill Ready will be taking over as the CEO of Pinterest after Silbermann’s departure. Prior to joining Pinterest, Bill Ready was handling the commerce business for Google as the in charge. He will reportedly be joining Pinterest and leading the platform starting Wednesday.
Even before working at Google, Bill Ready had worked at PayPal. At PayPal, he worked as the chief operating officer and executive vice president.
At Google, Ready spent almost three years before parting ways with the tech giant.
Pinterest and its Business Orientation
Pinterest reportedly has a huge active user base as it claims to have more than 400 million users interacting on it on a daily basis. Initially, Pinterest was an entertainment-based company but for a while, it has been attempting to change its orientation.
While offering entertainment, Pinterest was focusing on the advertising business. In recent years, Pinterest has made a decision of shifting its focus toward the e-commerce sector.
Pinterest has been making a lot of efforts in order to gain more ground in the e-commerce industry. It was earlier this month when “The Yes” was acquired by Pinterest. It is a shopping platform that is powered by A.I. and currently supports fashion brands.
Future Plans for Pinterest
According to Silbermann, Pinterest is planning to do so much more in the e-commerce sector. It also wants to have its users increase their interaction on the platform and they want to make it through an indirect approach.
Silbermann stated that in the next phase of their shift, their focus will be to provide full support and backing to the Pinners. They will be able to act, try, and buy every great idea that they come across on the platform.
Silbermann also praised the skills, experience, and expertise of Ready in the field of e-commerce and payment. He stated that Ready is going to fully supervise, lead, and run Pinterest’s new operations.
He stated that Ready is the perfect choice for their business’s orientation change. He is well aware of the e-commerce sector and he is very skilled when it comes to payments as well.
On a year-to-date basis, the share prices for Pinterest have experienced a 45.8% dip. However, the recent moves made by Pinterest will eventually prove beneficial for the company in the long run.
