THE LEX COLUMN: Pinterest fails to pin down market high
Pinterest is the latest unicorn to be hobbled by public markets. The star tech start-up listed earlier in 2019 with a flourish — its logo plastered outside the New York Stock Exchange — and a market value of $10bn. Its share price has stayed up for longer than other newly listed high-profile tech companies but disappointing revenue per user in the third quarter means the stock is fast approaching its listing price of $19 a share.
The San Francisco-based company is a more gentle site than Facebook and Twitter. The online pinboard-style photo-sharing website is not the place for flashy influencers or political rants. Users, known as Pinners, create personal boards of their own photos or pictures uploaded by other users, including companies, gleaning inspiration for weddings, décor or fashion.