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Pinterest CEO Ben Silbermann speaks in conversation with Matthew Lynley of TechCrunch during the TechCrunch Disrupt SF 2017 on September 18, 2017 in San Francisco, California. Pinterest raised $1.43 billion in its IPO after pricing the offering at $19 a share on Wednesday, valuing the company at $10 billion.What was the stock price of Pinterest when it went public?
Pinterest began its first day of trading Thursday at $23.75, up 25%. The bump pushed Pinterest’s market cap above $12 billion after it was initially priced at $19 per share, which had valued it at $10 billion. The stock continued to climb, rising 28.4% to trade at $24.40 per share with a market cap of nearly $13 billion.Who is the CEO of the company Pinterest?
Pinterest CEO Benjamin Silbermann tried to distinguish the company from other major tech firms such as Facebook and Twitter, saying in an interview on CNBC’s “Squawk Alley” following the debut that “Pinterest isn’t a social network.” “We really think about it as a utility,” he said.What was the net loss for Pinterest last year?
Pinterest’s revenue jumped 60% last year to $756 million, and the company moved significantly closer to profitability with a net loss of $63 million. Still, Pinterest’s IPO is below the $12 billion valuation it attained in a 2017 financing round.