Activist investor Elliott has built stake of over 9% in Pinterest: WSJ

:Activist investor Elliott Management has amassed a more than 9 per cent stake in Pinterest and is in talks with the social media company, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Shares of Pinterest soared 24 per cent in extended trading following the report, which said it could not be determined what the discussions between the parties were about.

Elliott has told the company that it is its biggest investor, the report said.

The social media company has been trying to shift focus to e-commerce initiatives from its advertising-based business model.

In June, long-time Chief Executive Officer and co-founder Ben Silbermann said he would step down to make way for former Google executive Bill Ready.

Silbermann has a roughly 37 per cent voting stake in the company, according to its latest proxy filing from April, which could limit Elliott's ability to force changes.

Pinterest and Elliott Management did not immediately respond to Reuters requests for comment.