Elliott Sets Sights on Pinterest

Activist investor Elliott Management Corp. has taken a big stake in Pinterest according to people familiar with the matter, as the once-hot social-media company grapples with a decline in users and other challenges.

Elliott has told the company that it is the biggest investor in Pinterest, having built a stake of more than 9% in recent months—partly in common stock, one of the people said. The activist has been in discussions with Pinterest over the past several weeks. It couldn’t be learned what they have been discussing.