Form 4: Pinterest Co-Founder Silbermann Sells Shares

Pinterest co-founder Benjamin Silbermann reported the sale of 8 Class A Common Stock shares for $31.86 each, executed under a Rule 10b5-1 trading plan.

Summary

• Benjamin Silbermann, a Director and 10% Owner of Pinterest, Inc., reported transactions on October 1, 2025.
• He converted 8 shares of Class B Common Stock into Class A Common Stock.
• Subsequently, he sold 8 shares of Class A Common Stock at a price of $31.86 per share.
• These transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted on December 13, 2024.
• Following these transactions, Silbermann beneficially owns 8,414 Class A Common Stock (RSUs subject to vesting) directly.
• He also indirectly owns 35,736,888 Class B Common Stock through the Benjamin and Divya Silbermann Family Trust.
• An additional 8,762,530 Class B Common Stock are indirectly held through SFTC, LLC, though Silbermann disclaims beneficial ownership of these shares except for his pecuniary interest.
• Direct ownership of Class B Common Stock is 1,174,715 shares.

Sentiment

Score: 5

Explanation: Neutral. The transaction is a pre-planned insider sale of a very small number of shares, which is generally not indicative of significant positive or negative company performance.

Positives

• The sale was pre-planned under a Rule 10b5-1 plan, indicating a structured approach to personal liquidity rather than an immediate reaction to company news.
• The amount of shares sold (8 shares) is de minimis relative to total holdings and the company's market capitalization, suggesting no significant shift in insider confidence.

Negatives

• An insider sale, even if planned, can sometimes be perceived negatively by the market, though the extremely small quantity here significantly mitigates this.

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. This report shall not be deemed an admission that he is the beneficial owner of such shares, except to the extent of his pecuniary interest, if any, in such shares by virtue of certain of his immediate family members' interests in The Silbermann 2012 Irrevocable Trust.

Industry Context

NA

Related Party Transactions

• Indirect ownership of 35,736,888 Class B Common Stock through the Benjamin and Divya Silbermann Family Trust.
• Indirect ownership of 8,762,530 Class B Common Stock through SFTC, LLC, with a disclaimer of beneficial ownership except for pecuniary interest due to family members' interests in The Silbermann 2012 Irrevocable Trust.

Stakeholder Impact

• Minimal impact on shareholders due to the extremely small number of shares sold relative to total outstanding shares and the insider's overall holdings.

Key Dates

Recommendation

The filing reports a routine, pre-planned insider sale of a de minimis number of shares by a co-founder. This transaction, executed under a Rule 10b5-1 plan, does not provide new material information about the company's operational performance or strategic direction that would warrant a change in investment recommendation. The sale amount is negligible compared to the insider's total holdings and the company's market capitalization, suggesting no significant shift in confidence. Therefore, a 'hold' recommendation is appropriate as the filing itself does not present a compelling reason to buy or sell.

Keywords

Pinterest, PINS, Benjamin Silbermann, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Class A Common Stock, Class B Common Stock, Director, 10% Owner