Why Pinterest Stock Dropped Today

·2 min read

Shares of Pinterest (NYSE: PINS), the social media company that encourages users to post images of their interests such as recipes, clothing, and interior design, got its shares remodeled 2% lower on Wednesday, as of 11 a.m. ET. Last night, Pinterest announced that its co-founder and current CEO Ben Silbermann is "transitioning" to the new role of "executive chairman" of the company -- and leaving his post as CEO. Pinterest will replace Silbermann with new CEO Bill Ready, a poach from Google, where he served for two years as president of Commerce, Payments & Next Billion Users.

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