Despite being one of Pinterest's co-founders, Evan Sharp was only made a director this month, according to the company's updated IPO filing.
Pinterest Co-founder Evan Sharp was added to the company's board of directors this month, according to a company filing on Friday.
div > div.group > p:first-child"> The addition comes in an update to Pinterest's IPO paperwork with the SEC, exactly one week after the company's first public filing. It means the company now has two insiders on its board — Sharp and founding CEO and chairman Ben Silbermann — giving more power to the company in decisions that may affect shareholders.
Pinterest, like many other tech companies, uses a dual-class share structure that gives insiders special super-voting shares. Some outsiders have criticized this structure as protecting the interests of insiders over common shareholders. "Mr. Sharp was selected to serve on our board of directors because of the perspective and experience he brings as our Chief Design & Creative Officer and as one of our Co-Founders, as well as his product development and design experience," the company said in the filing on Friday.
Pinterest, which offers a social media network to sharing photos and other material organized by topic, launched its first product in 2010. It is one of several maturing tech start-ups expected to go public this year, alongside Lyft — which debuted Friday — Uber, Zoom and Slack.
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