For years, Pinterest CEO Ben Silbermann has insisted his company is not an outright social network. As he told CNN Business in a recent interview, the platform is not focused on hard news or amassing followers. “At its most basic level, it’s just about you,” he said.
Now we will find out whether that positioning is enough to help it avoid the curse of social media companies that go public.
Pinterest, a social platform for bookmarking pictures from around the web, began trading at $23.75 a share in its Wall Street debut on Thursday, a 25% increase from its IPO price of $19 a share.
At its IPO price, Pinterest valued at $12.66 billion — about half as much as Twitter (TWTR) and slightly less than Snapchat’s parent company, Snap (SNAP). Both companies may also serve as a cautionary tale for Pinterest.