Form 4: Pinterest Co-Founder Benjamin Silbermann Reports Over $3.6 Million in Stock Sales Under 10b5-1 Plan

Pinterest Director and 10% Owner Benjamin Silbermann reported the conversion of Class B to Class A common stock and subsequent sales of Class A shares totaling approximately $3.6 million, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Benjamin Silbermann, a Director and 10% Owner of Pinterest, Inc. (PINS), reported multiple transactions on July 2, 2025, executed under a Rule 10b5-1 trading plan adopted on December 13, 2024.
• The Benjamin and Divya Silbermann Family Trust converted 83,333 shares of Class B Common Stock into Class A Common Stock and subsequently sold all 83,333 Class A shares at weighted average prices of $35.1729 (for 38,445 shares) and $35.6116 (for 44,888 shares).
• SFTC, LLC converted 18,750 shares of Class B Common Stock into Class A Common Stock and subsequently sold all 18,750 Class A shares at weighted average prices of $35.1647 (for 8,484 shares) and $35.6049 (for 10,266 shares).
• The total proceeds from these sales amount to approximately $3,616,599.60.
• Following these transactions, Mr. Silbermann's indirect beneficial ownership includes 36,570,226 Class B Common Stock shares through the Benjamin and Divya Silbermann Family Trust and 8,950,030 Class B Common Stock shares through SFTC, LLC. He also directly holds 1,174,715 Class B Common Stock shares and 8,414 Class A Common Stock RSUs.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to significant insider selling by a key executive and founder, even though the sales were pre-planned under a Rule 10b5-1 trading plan. While such plans indicate a structured divestment, the sheer volume of shares sold can still raise questions among investors regarding future prospects or personal liquidity needs.

Positives

• Transactions were executed under a pre-arranged Rule 10b5-1 trading plan, indicating a planned divestment rather than a reaction to immediate market conditions, which enhances transparency and mitigates concerns about opportunistic insider trading.

Negatives

• Significant sales of Class A Common Stock by a Director and 10% Owner, totaling approximately $3.6 million, could be interpreted by some investors as a reduction in insider alignment or a lack of confidence, despite being pre-planned.

Risks

• Potential negative market perception due to significant insider stock sales, even if executed under a Rule 10b5-1 plan, which could lead to short-term stock price volatility.

Future Outlook

NA

Management Comments

• Mr. Silbermann disclaims beneficial ownership of the shares held by the SFTC, LLC, a Delaware limited liability company owned by The Silbermann 2012 Irrevocable Trust, except to the extent of his pecuniary interest, if any, by virtue of certain of his immediate family members' interests in The Silbermann 2012 Irrevocable Trust.

Industry Context

NA

Related Party Transactions

• Sales of Class A Common Stock were conducted by the Benjamin and Divya Silbermann Family Trust and SFTC, LLC, both entities indirectly associated with the reporting person, Benjamin Silbermann.

Stakeholder Impact

• Shareholders may interpret the insider selling as a signal, potentially influencing stock price perception due to a reduction in insider ownership.

Key Dates

Recommendation

Keywords

Pinterest, PINS, SEC Form 4, insider trading, stock sale, beneficial ownership, Benjamin Silbermann, Rule 10b5-1, Class A Common Stock, Class B Common Stock