Why Pinterest Stock Fell 13% This Week
Shares of Pinterest (NYSE: PINS) were under pressure this week along with the rest of the market to end the worst first half of a year for stocks in over 50 years. For the sake of keeping score, the social media stock was down 13% on the week, the S&P 500 was down 2.2%, and the Nasdaq Composite was down 3.6%.
During the first half of 2022, Pinterest has lost 50% of its value. The S&P 500 and Nasdaq Composite have fallen 21% and 27%, respectively, as investors mull a slowing economy and risk of recession, inflation, and a U.S. Federal Reserve that is aggressively hiking interest rates to try to tame commodity price inflation.
Pinterest did give shareholders a head-fake in the past week. The company announced that co-founder and CEO Ben Silbermann is stepping down as chief and becoming executive chairman. A fresh perspective is being brought in with the hire of Bill Ready as the new CEO.
Source Fool.com
