As Pinterest CEO Silbermann Steps Down, Commerce Will Be Successor's Main Focus; Maintaining FVE

Pinterest announced on June 28 that co-founder Ben Silbermann has stepped down as CEO and president to become executive chair. Pinterest's new CEO is Bill Ready, the former president of Google's commerce and payment business. He also has held executive positions at PayPal and Venmo. We think Ready is likely to make more aggressive and timely investments in enhancing Pinterest's commerce capabilities, thereby attracting not only more consumers to shop and purchase on the platform but also more advertisers with a focus on direct-response campaigns. We have not made any adjustments to our model. Our fair value estimate for this narrow-moat and 5-star name remains $48 per share.