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Pinterest stock soars after activist investor Elliott takes stake

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Yahoo Finance's Rachelle Akuffo discusses why Pinterest stock is popping on Thursday.

Video Transcript

[MUSIC PLAYING]

RACHELLE AKUFFO: After a down day, Pinterest shares soaring more than 18% in after hours trading. Activist investor Elliott Management reportedly taking a 9% stake in the company. According to "The Wall Street Journal," it's unclear what Elliott is discussing with the company, but they've been in talks for several weeks.

Now, it's been a tough time for the social media platform, facing declines in users and a revolving door of executives, including founder Ben Silbermann, who stepped down as CEO just a few weeks ago. The stock is down more than 50% year to date.