Form 4: Pinterest Co-Founder Sells Shares Under 10b5-1 Plan

Pinterest co-founder Benjamin Silbermann executed pre-planned sales of Class A Common Stock totaling 102,083 shares on September 3, 2025.

Summary

• Benjamin Silbermann, a Director and 10% Owner of Pinterest, Inc., reported transactions on September 3, 2025.
• The transactions involved the conversion of Class B Common Stock into Class A Common Stock, followed by the sale of the Class A shares.
• A total of 83,333 shares of Class A Common Stock were sold by the Benjamin and Divya Silbermann Family Trust at a weighted average price of $37.0367 per share.
• An additional 18,750 shares of Class A Common Stock were sold by SFTC, LLC at a weighted average price of $37.0368 per share.
• All sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Silbermann on December 13, 2024.
• Following these transactions, the Benjamin and Divya Silbermann Family Trust holds 35,986,895 shares of Class B Common Stock, and SFTC, LLC holds 8,818,780 shares of Class B Common Stock.
• Mr. Silbermann directly holds 8,414 shares of Class A Common Stock (RSUs subject to vesting) and 1,174,715 shares of Class B Common Stock.
• Mr. Silbermann disclaims beneficial ownership of shares held by SFTC, LLC, except to the extent of his pecuniary interest through certain immediate family members' interests in The Silbermann 2012 Irrevocable Trust.

Sentiment

Score: 5

Explanation: The filing reports pre-planned insider sales, which are neutral in isolation but can sometimes be perceived negatively by the market, though the 10b5-1 plan mitigates concerns of discretionary selling.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a structured, non-discretionary approach to share divestment rather than a reaction to recent market events.

Negatives

• Insider selling by a co-founder and 10% owner, even if pre-planned, can sometimes be perceived negatively by the market, potentially signaling a lack of further upside or a move towards diversification.

Future Outlook

The execution of sales under a Rule 10b5-1 trading plan indicates pre-scheduled transactions for the reporting person, but the filing does not provide broader company-specific forward-looking statements or guidance.

Industry Context

This Form 4 filing reports an individual insider transaction and does not contain information directly related to broader industry trends or competitive landscape analysis for Pinterest.

Related Party Transactions

• Transactions involved the Benjamin and Divya Silbermann Family Trust and SFTC, LLC, both entities associated with the reporting person, Benjamin Silbermann.

Stakeholder Impact

• Shareholders may view insider selling, even if pre-planned, with scrutiny, potentially impacting market sentiment regarding the company's future prospects.

Key Dates

Recommendation

The filing details pre-planned insider sales by a co-founder and significant shareholder. While insider selling can sometimes be a negative signal, the execution under a Rule 10b5-1 plan suggests these are non-discretionary transactions, often for diversification or liquidity purposes, rather than a reflection of a change in fundamental outlook. Therefore, it warrants a 'hold' as it doesn't provide new fundamental information to change an existing investment thesis, but it's also not a strong positive catalyst.

Keywords

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