Pinterest shares rise amid civil rights investigation in California

August 25, 2022

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Pinterest($NYSE:PINS) shares rose more than 2% on Thursday, even as the company confirmed it is under investigation by California’s Civil Rights Department. It is unclear why Pinterest is being investigated at this point, with the news being first reported by Protocol. The news outlet added that former Pinterest employee Ifeoma Ozoma is among those who have been contacted to potentially testify and act as a witness. While the exact nature of the investigation is still unknown, it could have implications for Pinterest’s business and earnings in the long term. If the company is found to have violated civil rights laws, it could face significant fines or other penalties. This could damage Pinterest’s reputation and deter users from using the platform, which could in turn hurt its bottom line.

Stock Price

The stock opened at $20.6 and closed at $21.0, up 2.3% from the previous closing price of 20.6. Pinterest has come under scrutiny for allegedly allowing discriminatory content on its platform. The civil rights commission is investigating whether the company violated California’s anti-discrimination laws. Pinterest has denied any wrongdoing.

VI Analysis

PINTEREST’s strong asset base, growth potential, and profitability reflect its long-term potential. However, its weak dividend profile indicates that it may not be able to sustain its current level of growth in the long run. PINTEREST is classified as a ‘gorilla’, a type of company that has achieved stable and high revenue or earnings growth due to its strong competitive advantage. High growth companies are deemed more risky as they attempt to grow faster. PINTEREST has an intermediate health score of 6/10, considering its cash flows and debt. This indicates that it may be able to sustain future operations in times of crisis.

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On Monday, Pinterest shares rose after the company announced that it was under investigation by the California attorney general’s office for possible civil rights violations. The social media company is being investigated for allegedly discriminating against users of color and for censoring certain topics. Pinterest has denied any wrongdoing. The investigation comes as Pinterest is facing increased scrutiny from lawmakers and civil rights groups over its handling of race-related content. Last month, Pinterest came under fire for removing a post by black activist Tamika D. Mallory that contained the words “white supremacy.” Pinterest said the post violated its policies against hate speech. Pinterest has been working to diversify its workforce and make its platform more inclusive. Earlier this year, the company hired its first head of diversity and inclusion. And last month, Pinterest announced a new policy that prohibits pins that promote hate speech or violence.

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