Form 4: Pinterest Director Benjamin Silbermann Sells Over 100,000 Shares Under Pre-Arranged Plan

Pinterest Director and 10% owner Benjamin Silbermann sold 102,083 shares of Class A Common Stock on July 23, 2025, through pre-planned transactions under a Rule 10b5-1 trading plan.

Summary

• Benjamin Silbermann, a Director and 10% owner of Pinterest, Inc. (PINS), reported transactions involving the conversion and sale of Class A Common Stock.
• On July 23, 2025, 83,333 shares of Class B Common Stock held by the Benjamin and Divya Silbermann Family Trust were converted into Class A Common Stock.
• Concurrently, 83,333 shares of Class A Common Stock were sold by the Benjamin and Divya Silbermann Family Trust at a weighted average price of $37.9507 per share, with prices ranging from $37.7900 to $38.3600.
• Additionally, 18,750 shares of Class B Common Stock held by SFTC, LLC were converted into Class A Common Stock on the same date.
• Following this conversion, 18,750 shares of Class A Common Stock were sold by SFTC, LLC at a weighted average price of $37.9518 per share, with prices ranging from $37.7900 to $38.2900.
• These sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Silbermann on December 13, 2024.
• After these transactions, the Benjamin and Divya Silbermann Family Trust holds 36,320,227 shares of Class B Common Stock, and SFTC, LLC holds 8,893,780 shares of Class B Common Stock.
• Mr. Silbermann also directly holds 8,414 shares of Class A Common Stock (RSUs subject to vesting) and 1,174,715 shares of Class B Common Stock.

Sentiment

Score: 6

Explanation: The sale of a significant number of shares by a director and 10% owner could be viewed negatively, but the execution under a pre-arranged Rule 10b5-1 plan mitigates concerns, suggesting a planned liquidity event rather than a reaction to adverse company news.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a scheduled transaction rather than an immediate reaction to new information.
• The conversion of Class B to Class A stock facilitates liquidity for the shares.

Negatives

• A significant sale of 102,083 shares by a director and 10% owner could be perceived negatively by investors, potentially signaling a lack of confidence, although mitigated by the 10b5-1 plan.

Industry Context

This filing is specific to Pinterest's insider transactions and does not provide broader industry context or trends.

Related Party Transactions

• Transactions involved the Benjamin and Divya Silbermann Family Trust and SFTC, LLC, which are entities associated with the reporting person, Benjamin Silbermann.
• Mr. Silbermann disclaims beneficial ownership of shares held by SFTC, LLC, except for his pecuniary interest through family members' interests in The Silbermann 2012 Irrevocable Trust.

Stakeholder Impact

• Shareholders may observe the sale of shares by a significant insider, which could influence market sentiment.
• The pre-planned nature of the sale via a Rule 10b5-1 plan helps to reduce potential negative interpretations.

Key Dates

Recommendation

While the sale of shares by a director and 10% owner might typically raise concerns, these transactions were conducted under a pre-established Rule 10b5-1 trading plan. This indicates a pre-scheduled liquidity event or diversification strategy rather than a reaction to new, negative company-specific information, thus not necessarily signaling a lack of confidence in the company's future prospects. Investors should consider this in the broader context of Pinterest's performance and market conditions.

Keywords

Pinterest, PINS, Benjamin Silbermann, insider sale, stock transaction, Form 4, Rule 10b5-1 plan, Class A Common Stock, Class B Common Stock, director, 10% owner