You are here: Home » International » News » Companies
Business Standard

Shareholders sue top Pinterest executives over 'toxic' work culture

Shareholders of the photo-sharing social media platform Pinterest have sued top executives of the company, including CEO Ben Silbermann, for allegedly nurturing a toxic work culture

Pinterest | toxic work culture | Social media apps

IANS  |  San Francisco 

File photo of Pinterest app

Shareholders of the photo-sharing social media platform have sued top executives of the company, including CEO Ben Silbermann, for allegedly nurturing a

According to the lawsuit, the workplace discrimination has badly hurt the company's reputation, leading to a user boycott and financial harm, reports The Verge.

The CEO "repeatedly placed himself before the Company, surrounding himself with yes-men and marginalizing women who dared to challenge Pinterest's White, male leadership clique," the complaint read.

"The company ignored or silenced employees who tried to speak out".

The plaintiff in the lawsuit is the Employees' Retirement System of Rhode Island, which oversees $8.5 billion in public assets.

The lawsuit claimed that executives and board members breached their fiduciary duty by failing to respond to allegations of workplace discrimination.

"Even when presented with widespread claims of race and gender discrimination at Pinterest, the (executives and board members) did nothing to address this misconduct," it further read.

The lawsuit further claimed that executives also violated securities law.

A company spokesperson was quoted as saying that "Pinterest's leadership and Board take their fiduciary duties seriously and are committed to continuing our efforts to help ensure that Pinterest is a place where all of our employees feel included and supported".

"We believe the actions we've initiated as well as the ongoing independent review regarding our culture, policies, and practices will help us achieve our goal of building a diverse, equitable and inclusive environment for everyone".

Pinterest has reached 442 million global Monthly Active Users (MAUs), a 37 per cent increase (year over year).

The Q3 revenue grew 58 per cent to $443 million while net loss was $94 million for Q3, the company said in a statement in October. Average revenue per user was up 15 per cent to $1.03.




(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, December 02 2020. 12:49 IST