THE PRIVATE-TO-PUBLIC JOURNEY

Pinterest · Before & after the IPO

Start with a private share price. Follow the evidence into public markets.

Source-backed methodology

1 private share series1 public closing date1 supported pathExplore the evidence ↓

YOUR STARTING POINT

What if you invested?

How this calculation works

Filing-based illustrationPINS · USD

Approximate marked value on Dec 31, 2019

≈ $8,654.76

$10,000.00 at the Series H issuance price, carried forward as 464.311271 Class A-equivalent shares.

0.87× price multiple from private entry-1.89% public close vs. IPO offer price

My saved research

Keep this result and its source evidence in your account.

01
Private issuance price
Purchase date unknown
$10,000.00$21.537276 per share · split-restated
02
IPO offer-price mark
Apr 23, 2019
$8,821.91$19.00 per share
03
Public closing-price mark
Dec 31, 2019
$8,654.76$18.64 per share

A price mark, not money received. No sale is assumed. An individual holder’s ability to sell is unknown. Fees, tax and distributions are excluded.

Inspect this endpoint’s evidence

$18.64 · Class A common closing price on Dec 31, 2019.

2020 proxy: Outstanding Equity Awards, footnote 3. Published Apr 9, 2020; source checked Sep 17, 2026.

Read 2020 proxy statement ↗

Calculation record & sources

Keep the inputs, source observations, assumptions and method version used for this result.

Download calculation record

Inspect the record

{
  "methodVersion": "private-ipo-bridge-1.2.0",
  "revision": "pins-ipo-preview-v1",
  "privateRevision": "ctm-research-2026-10-01",
  "kind": "approximate_private_to_public_price_mark",
  "company": "pinterest",
  "instrumentId": "PINS-CLASS-A-NYSE",
  "inputs": {
    "modelId": "PINS-H-IPO",
    "markId": "PINS-CLOSE-2019-12-31",
    "amount": "10000.00",
    "currency": "USD"
  },
  "markedValue": "8654.76",
  "offerMarkedValue": "8821.91",
  "changeFromOffer": "-167.15",
  "priceMultiple": "0.8655",
  "priceChangePercent": "-13.45",
  "publicPriceChangePercent": "-1.89",
  "commonShareEquivalents": "464.311271",
  "markDate": "2019-12-31",
  "reviewedOn": "2026-09-17",
  "stages": [
    {
      "id": "PINS-H",
      "stage": "Private issuance price",
      "date": null,
      "dateRole": "purchase_date_unknown",
      "price": "21.537276",
      "value": "10000.00"
    },
    {
      "id": "PINS-OFFER",
      "stage": "IPO offer-price mark",
      "date": "2019-04-23",
      "dateRole": "offering_completion",
      "price": "19.00",
      "value": "8821.91"
    },
    {
      "id": "PINS-CLOSE-2019-12-31",
      "stage": "Public closing-price mark",
      "date": "2019-12-31",
      "dateRole": "market_session_close",
      "price": "18.64",
      "value": "8654.76"
    }
  ],
  "evidence": {
    "privateObservations": [
      {
        "id": "PINS-H",
        "company": "Pinterest",
        "date": "2017-06",
        "dateRole": "reported_issuance_month",
        "value": "21.537276",
        "currency": "USD",
        "scope": "per_share_issuance_price",
        "qualifier": "",
        "shareClass": "Series H preferred",
        "source": "https://www.sec.gov/Archives/edgar/data/1506293/000119312519111067/d697629d424b4.htm",
        "locator": "Prospectus: statements of equity; Note 1 Stock Split; Note 10 original purchase prices",
        "publisher": "SEC · Pinterest filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-17",
        "supportingSources": []
      },
      {
        "id": "PINS-OFFER",
        "company": "Pinterest",
        "date": "2019-04-23",
        "dateRole": "offering_completion",
        "value": "19.00",
        "currency": "USD",
        "scope": "public_offer_price_per_share",
        "qualifier": "",
        "shareClass": "Class A common",
        "source": "https://www.sec.gov/Archives/edgar/data/1506293/000150629320000013/pins-20191231.htm",
        "locator": "Note 1: Initial Public Offering",
        "publisher": "SEC · Pinterest filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-17",
        "supportingSources": []
      }
    ],
    "publicObservation": {
      "id": "PINS-CLOSE-2019-12-31",
      "company": "pinterest",
      "instrument_id": "PINS-CLASS-A-NYSE",
      "currency": "USD",
      "value": "18.64",
      "date": "2019-12-31",
      "date_role": "market_session_close",
      "price_basis": "as_reported_unadjusted_close",
      "share_basis": "post_2019_reverse_split",
      "share_class": "Class A common",
      "source_id": "PINS-PROXY",
      "source_locator": "2020 proxy: Outstanding Equity Awards, footnote 3",
      "value_status": "reported",
      "verification": "primary_verified"
    },
    "conversion": {
      "effective_date": "2019-04-23",
      "preferred_to_common_factor": "1",
      "listed_equivalent_factor": "1",
      "from_class": "Series H preferred",
      "to_class": "Class B common",
      "listed_class": "Class A common",
      "split_handling": "already_reflected_do_not_apply_again",
      "source_ids": [
        "PINS-PROSPECTUS",
        "PINS-ANNUAL",
        "PINS-PROXY"
      ],
      "source_locators": [
        "Prospectus: statements of equity; Note 1 Stock Split; Note 10 original purchase prices",
        "2019 Form 10-K Note 1; 2020 proxy Equity Compensation Plan Information footnote 2"
      ],
      "note": "Series H converts 1:1 to Class B, with 1:1 Class A equivalents. The 2019 one-for-three reverse split is already reflected in the filing price."
    },
    "publicBasisReview": {
      "from_date": "2019-04-23",
      "through_date": "2019-12-31",
      "units_factor": "1",
      "status": "reviewed_selected_endpoints",
      "source_ids": [
        "PINS-ANNUAL",
        "PINS-PROXY"
      ],
      "source_locators": [
        "2019 Form 10-K Note 1; 2020 proxy Equity Compensation Plan Information footnote 2",
        "2020 proxy: Outstanding Equity Awards, footnote 3"
      ],
      "note": "Selected Class A endpoint only. No holder-specific transaction or additional units are inferred."
    },
    "restrictions": {
      "status": "holder_eligibility_unknown",
      "source_id": "PINS-PROSPECTUS",
      "source_locator": "Shares Eligible for Future Sale: Lock-up Agreements",
      "note": "Lock-up and market-standoff conditions apply. A historical price does not establish that a particular holder could sell."
    },
    "sources": [
      {
        "id": "PINS-PROSPECTUS",
        "title": "Final IPO prospectus",
        "url": "https://www.sec.gov/Archives/edgar/data/1506293/000119312519111067/d697629d424b4.htm",
        "published_on": "2019-04-18",
        "publisher": "Pinterest · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "PINS-ANNUAL",
        "title": "2019 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1506293/000150629320000013/pins-20191231.htm",
        "published_on": "2020-02-07",
        "publisher": "Pinterest · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "PINS-PROXY",
        "title": "2020 proxy statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1506293/000114036120008472/nc10006711x1_def14a.htm",
        "published_on": "2020-04-09",
        "publisher": "Pinterest · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      }
    ]
  },
  "sourceIds": [
    "PINS-H",
    "PINS-OFFER",
    "PINS-CLOSE-2019-12-31"
  ],
  "purchaseDate": null,
  "cagr": null,
  "realizedProceeds": null,
  "saleEligibility": "unknown",
  "formula": "amount ÷ reviewed preferred issuance price × reviewed conversion factors × selected Class A closing price",
  "assumptions": [
    "Fractional share equivalents; no rounding until displayed.",
    "Series H preferred converts to Class B common using 1:1; listed equivalents use 1:1.",
    "No additional split or generic dilution deduction.",
    "No holder-specific adjustment or extra securities."
  ],
  "limitations": [
    "Approximate share-equivalent model using the precision published by the issuer.",
    "A historical table date or issuance month is not an exact purchase date. No annualized return.",
    "Price-only mark, not total return: distributions, fees, tax and inflation are excluded.",
    "No sale, allocation, lock-up exemption or ability to access proceeds is established.",
    "Selected historical closes only; no daily curve, maximum drawdown or current quote.",
    "Source checking does not clear commercial redistribution rights."
  ],
  "timeline": [
    {
      "id": "PINS-PRIVATE",
      "date": "2017-06",
      "kind": "private_snapshot",
      "title": "Series H issuance-price evidence",
      "note": "Issuance month; exact purchase date unknown.",
      "source_id": "PINS-PROSPECTUS",
      "source_locator": "Prospectus: statements of equity; Note 1 Stock Split; Note 10 original purchase prices"
    },
    {
      "id": "PINS-SPLIT",
      "date": "2019-03-28",
      "kind": "split",
      "title": "One-for-three reverse split",
      "note": "Already reflected in the entry price.",
      "source_id": "PINS-PROSPECTUS",
      "source_locator": "Note 1: Stock Split"
    },
    {
      "id": "PINS-CONVERSION",
      "date": "2019-04-23",
      "kind": "conversion",
      "title": "IPO completion and share conversion",
      "note": "Preferred shares converted immediately before offering completion. Offer price: $19.00.",
      "source_id": "PINS-ANNUAL",
      "source_locator": "2019 Form 10-K Note 1; 2020 proxy Equity Compensation Plan Information footnote 2"
    }
  ],
  "timelineSources": [
    {
      "id": "PINS-PROSPECTUS",
      "title": "Final IPO prospectus",
      "url": "https://www.sec.gov/Archives/edgar/data/1506293/000119312519111067/d697629d424b4.htm",
      "published_on": "2019-04-18",
      "publisher": "Pinterest · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "PINS-ANNUAL",
      "title": "2019 Form 10-K",
      "url": "https://www.sec.gov/Archives/edgar/data/1506293/000150629320000013/pins-20191231.htm",
      "published_on": "2020-02-07",
      "publisher": "Pinterest · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "PINS-PROXY",
      "title": "2020 proxy statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1506293/000114036120008472/nc10006711x1_def14a.htm",
      "published_on": "2020-04-09",
      "publisher": "Pinterest · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    }
  ]
}

BEHIND THE NUMBERS

What this scenario means for an investor.

This scenario applies the stated share prices and conversion assumptions to your chosen amount. The result is a hypothetical value, not a completed transaction.

Your amount vs. the investment minimum: Your amount sets the size of the illustration. It does not establish the minimum required to join that funding round.
Access depends on the offering: Investor eligibility and allocations depend on the offering’s terms. A recorded funding price does not mean everyone could invest at that price.
Direct shares and fund units differ: A direct share and a unit in a fund or investment vehicle can have different rights and costs. This scenario does not establish a specific investment route.
A price is not a cash exit: Lockups, transfer restrictions and available buyers can affect a holder’s ability to sell. The displayed value does not assume a sale.

EXPLORE THE OUTCOME

What happened after the IPO?

These historical marks do not describe the full price path. More dates appear only after their evidence is reviewed.

Historical marks for the same 464.311271 share equivalents
Closing date	Class A price	Approx. value
Dec 31, 2019 (selected endpoint)	$18.64	$8,654.76

Keep your research together. Save a journey to revisit its original numbers and sources.Open saved research →

UNDERSTAND YOUR RESULT

A clear bridge between share prices.

Amount ÷ private price × conversion factors × public close

Calculations retain full precision until display. All six published decimal places are retained in the entry price. The result is a hypothetical price mark.

Which shares are being compared?

Series H maps 1:1 to Class B, then 1:1 to Class A equivalents. This models equivalent units, not an actual holder’s conversion.

How are splits and dilution handled?

The March 2019 one-for-three reverse split is already reflected in the filing price. Do not apply it again.

Could an investor have sold at these prices?

Lock-up and market-standoff conditions apply. A historical price does not establish that a particular holder could sell. Holder-specific terms, actual execution prices and cash proceeds are unknown.

Why is there no annualized return or continuous chart?

A table date or issuance month does not establish an exact purchase date. The available public closes are selected evidence points. They cannot establish an annualized private return, daily price history, maximum drawdown or a current value.

The events behind the numbers

4 dated milestones

Pricing, trading and conversion happened on different dates. The filing publication date may be later than the event it describes; this is retrospective research.

Jun 2017Private evidence
Series H issuance-price evidence
Issuance month; exact purchase date unknown.
Source & date details
Prospectus: statements of equity; Note 1 Stock Split; Note 10 original purchase prices
Published Apr 18, 2019 · Checked Sep 17, 2026
Final IPO prospectus (opens in a new tab)
Mar 28, 2019Share basis
One-for-three reverse split
Already reflected in the entry price.
Source & date details
Note 1: Stock Split
Published Apr 18, 2019 · Checked Sep 17, 2026
Final IPO prospectus (opens in a new tab)
Apr 23, 2019Share conversion
IPO completion and share conversion
Preferred shares converted immediately before offering completion. Offer price: $19.00.
Source & date details
2019 Form 10-K Note 1; 2020 proxy Equity Compensation Plan Information footnote 2
Published Feb 7, 2020 · Checked Sep 17, 2026
2019 Form 10-K (opens in a new tab)
Dec 31, 2019Public closing price
$18.64 public closing price
Reported Class A closing price. A historical mark does not establish a holder’s ability to sell.
Source & date details
2020 proxy: Outstanding Equity Awards, footnote 3
Published Apr 9, 2020 · Checked Sep 17, 2026
2020 proxy statement (opens in a new tab)

Go deeper into the private evidence.

Read the original preferred-share observations and their limitations, or explore the coverage available for other companies.

Pinterest’s private history →Compare calculation coverage →

Historical research preview · Sources checked Sep 17, 2026. No investment access is offered. Source checking does not establish investment availability or permission for commercial redistribution.

≈ $8,654.76

$10,000.00 at the Series H issuance price, carried forward as 464.311271 Class A-equivalent shares.

0.87× price multiple from private entry-1.89% public close vs. IPO offer price

My saved research

Keep this result and its source evidence in your account.

Private issuance price

Purchase date unknown

$10,000.00$21.537276 per share · split-restated

IPO offer-price mark

Apr 23, 2019

$8,821.91$19.00 per share

Public closing-price mark

Dec 31, 2019

$8,654.76$18.64 per share

A price mark, not money received. No sale is assumed. An individual holder’s ability to sell is unknown. Fees, tax and distributions are excluded.

Inspect this endpoint’s evidence

$18.64 · Class A common closing price on Dec 31, 2019.

2020 proxy: Outstanding Equity Awards, footnote 3. Published Apr 9, 2020; source checked Sep 17, 2026.

Read 2020 proxy statement ↗

Calculation record & sources

Keep the inputs, source observations, assumptions and method version used for this result.

Download calculation record

Inspect the record

{
  "methodVersion": "private-ipo-bridge-1.2.0",
  "revision": "pins-ipo-preview-v1",
  "privateRevision": "ctm-research-2026-10-01",
  "kind": "approximate_private_to_public_price_mark",
  "company": "pinterest",
  "instrumentId": "PINS-CLASS-A-NYSE",
  "inputs": {
    "modelId": "PINS-H-IPO",
    "markId": "PINS-CLOSE-2019-12-31",
    "amount": "10000.00",
    "currency": "USD"
  },
  "markedValue": "8654.76",
  "offerMarkedValue": "8821.91",
  "changeFromOffer": "-167.15",
  "priceMultiple": "0.8655",
  "priceChangePercent": "-13.45",
  "publicPriceChangePercent": "-1.89",
  "commonShareEquivalents": "464.311271",
  "markDate": "2019-12-31",
  "reviewedOn": "2026-09-17",
  "stages": [
    {
      "id": "PINS-H",
      "stage": "Private issuance price",
      "date": null,
      "dateRole": "purchase_date_unknown",
      "price": "21.537276",
      "value": "10000.00"
    },
    {
      "id": "PINS-OFFER",
      "stage": "IPO offer-price mark",
      "date": "2019-04-23",
      "dateRole": "offering_completion",
      "price": "19.00",
      "value": "8821.91"
    },
    {
      "id": "PINS-CLOSE-2019-12-31",
      "stage": "Public closing-price mark",
      "date": "2019-12-31",
      "dateRole": "market_session_close",
      "price": "18.64",
      "value": "8654.76"
    }
  ],
  "evidence": {
    "privateObservations": [
      {
        "id": "PINS-H",
        "company": "Pinterest",
        "date": "2017-06",
        "dateRole": "reported_issuance_month",
        "value": "21.537276",
        "currency": "USD",
        "scope": "per_share_issuance_price",
        "qualifier": "",
        "shareClass": "Series H preferred",
        "source": "https://www.sec.gov/Archives/edgar/data/1506293/000119312519111067/d697629d424b4.htm",
        "locator": "Prospectus: statements of equity; Note 1 Stock Split; Note 10 original purchase prices",
        "publisher": "SEC · Pinterest filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-17",
        "supportingSources": []
      },
      {
        "id": "PINS-OFFER",
        "company": "Pinterest",
        "date": "2019-04-23",
        "dateRole": "offering_completion",
        "value": "19.00",
        "currency": "USD",
        "scope": "public_offer_price_per_share",
        "qualifier": "",
        "shareClass": "Class A common",
        "source": "https://www.sec.gov/Archives/edgar/data/1506293/000150629320000013/pins-20191231.htm",
        "locator": "Note 1: Initial Public Offering",
        "publisher": "SEC · Pinterest filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-17",
        "supportingSources": []
      }
    ],
    "publicObservation": {
      "id": "PINS-CLOSE-2019-12-31",
      "company": "pinterest",
      "instrument_id": "PINS-CLASS-A-NYSE",
      "currency": "USD",
      "value": "18.64",
      "date": "2019-12-31",
      "date_role": "market_session_close",
      "price_basis": "as_reported_unadjusted_close",
      "share_basis": "post_2019_reverse_split",
      "share_class": "Class A common",
      "source_id": "PINS-PROXY",
      "source_locator": "2020 proxy: Outstanding Equity Awards, footnote 3",
      "value_status": "reported",
      "verification": "primary_verified"
    },
    "conversion": {
      "effective_date": "2019-04-23",
      "preferred_to_common_factor": "1",
      "listed_equivalent_factor": "1",
      "from_class": "Series H preferred",
      "to_class": "Class B common",
      "listed_class": "Class A common",
      "split_handling": "already_reflected_do_not_apply_again",
      "source_ids": [
        "PINS-PROSPECTUS",
        "PINS-ANNUAL",
        "PINS-PROXY"
      ],
      "source_locators": [
        "Prospectus: statements of equity; Note 1 Stock Split; Note 10 original purchase prices",
        "2019 Form 10-K Note 1; 2020 proxy Equity Compensation Plan Information footnote 2"
      ],
      "note": "Series H converts 1:1 to Class B, with 1:1 Class A equivalents. The 2019 one-for-three reverse split is already reflected in the filing price."
    },
    "publicBasisReview": {
      "from_date": "2019-04-23",
      "through_date": "2019-12-31",
      "units_factor": "1",
      "status": "reviewed_selected_endpoints",
      "source_ids": [
        "PINS-ANNUAL",
        "PINS-PROXY"
      ],
      "source_locators": [
        "2019 Form 10-K Note 1; 2020 proxy Equity Compensation Plan Information footnote 2",
        "2020 proxy: Outstanding Equity Awards, footnote 3"
      ],
      "note": "Selected Class A endpoint only. No holder-specific transaction or additional units are inferred."
    },
    "restrictions": {
      "status": "holder_eligibility_unknown",
      "source_id": "PINS-PROSPECTUS",
      "source_locator": "Shares Eligible for Future Sale: Lock-up Agreements",
      "note": "Lock-up and market-standoff conditions apply. A historical price does not establish that a particular holder could sell."
    },
    "sources": [
      {
        "id": "PINS-PROSPECTUS",
        "title": "Final IPO prospectus",
        "url": "https://www.sec.gov/Archives/edgar/data/1506293/000119312519111067/d697629d424b4.htm",
        "published_on": "2019-04-18",
        "publisher": "Pinterest · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "PINS-ANNUAL",
        "title": "2019 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1506293/000150629320000013/pins-20191231.htm",
        "published_on": "2020-02-07",
        "publisher": "Pinterest · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "PINS-PROXY",
        "title": "2020 proxy statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1506293/000114036120008472/nc10006711x1_def14a.htm",
        "published_on": "2020-04-09",
        "publisher": "Pinterest · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      }
    ]
  },
  "sourceIds": [
    "PINS-H",
    "PINS-OFFER",
    "PINS-CLOSE-2019-12-31"
  ],
  "purchaseDate": null,
  "cagr": null,
  "realizedProceeds": null,
  "saleEligibility": "unknown",
  "formula": "amount ÷ reviewed preferred issuance price × reviewed conversion factors × selected Class A closing price",
  "assumptions": [
    "Fractional share equivalents; no rounding until displayed.",
    "Series H preferred converts to Class B common using 1:1; listed equivalents use 1:1.",
    "No additional split or generic dilution deduction.",
    "No holder-specific adjustment or extra securities."
  ],
  "limitations": [
    "Approximate share-equivalent model using the precision published by the issuer.",
    "A historical table date or issuance month is not an exact purchase date. No annualized return.",
    "Price-only mark, not total return: distributions, fees, tax and inflation are excluded.",
    "No sale, allocation, lock-up exemption or ability to access proceeds is established.",
    "Selected historical closes only; no daily curve, maximum drawdown or current quote.",
    "Source checking does not clear commercial redistribution rights."
  ],
  "timeline": [
    {
      "id": "PINS-PRIVATE",
      "date": "2017-06",
      "kind": "private_snapshot",
      "title": "Series H issuance-price evidence",
      "note": "Issuance month; exact purchase date unknown.",
      "source_id": "PINS-PROSPECTUS",
      "source_locator": "Prospectus: statements of equity; Note 1 Stock Split; Note 10 original purchase prices"
    },
    {
      "id": "PINS-SPLIT",
      "date": "2019-03-28",
      "kind": "split",
      "title": "One-for-three reverse split",
      "note": "Already reflected in the entry price.",
      "source_id": "PINS-PROSPECTUS",
      "source_locator": "Note 1: Stock Split"
    },
    {
      "id": "PINS-CONVERSION",
      "date": "2019-04-23",
      "kind": "conversion",
      "title": "IPO completion and share conversion",
      "note": "Preferred shares converted immediately before offering completion. Offer price: $19.00.",
      "source_id": "PINS-ANNUAL",
      "source_locator": "2019 Form 10-K Note 1; 2020 proxy Equity Compensation Plan Information footnote 2"
    }
  ],
  "timelineSources": [
    {
      "id": "PINS-PROSPECTUS",
      "title": "Final IPO prospectus",
      "url": "https://www.sec.gov/Archives/edgar/data/1506293/000119312519111067/d697629d424b4.htm",
      "published_on": "2019-04-18",
      "publisher": "Pinterest · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "PINS-ANNUAL",
      "title": "2019 Form 10-K",
      "url": "https://www.sec.gov/Archives/edgar/data/1506293/000150629320000013/pins-20191231.htm",
      "published_on": "2020-02-07",
      "publisher": "Pinterest · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "PINS-PROXY",
      "title": "2020 proxy statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1506293/000114036120008472/nc10006711x1_def14a.htm",
      "published_on": "2020-04-09",
      "publisher": "Pinterest · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    }
  ]
}

BEHIND THE NUMBERS

What this scenario means for an investor.

This scenario applies the stated share prices and conversion assumptions to your chosen amount. The result is a hypothetical value, not a completed transaction.

Your amount vs. the investment minimum: Your amount sets the size of the illustration. It does not establish the minimum required to join that funding round.
Access depends on the offering: Investor eligibility and allocations depend on the offering’s terms. A recorded funding price does not mean everyone could invest at that price.
Direct shares and fund units differ: A direct share and a unit in a fund or investment vehicle can have different rights and costs. This scenario does not establish a specific investment route.
A price is not a cash exit: Lockups, transfer restrictions and available buyers can affect a holder’s ability to sell. The displayed value does not assume a sale.

Historical marks for the same 464.311271 share equivalents

Closing date

Class A price

Approx. value

Dec 31, 2019

$18.64

$8,654.76

Pinterest · Before & after the IPO

What if you invested?

≈ $8,654.76

Private issuance price

IPO offer-price mark

Public closing-price mark

What this scenario means for an investor.

What happened after the IPO?

A clear bridge between share prices.

The events behind the numbers

Series H issuance-price evidence

One-for-three reverse split

IPO completion and share conversion

$18.64 public closing price

Go deeper into the private evidence.

Pinterest · Before & after the IPO

What if you invested?

≈ $8,654.76

Private issuance price

IPO offer-price mark

Public closing-price mark

What this scenario means for an investor.

What happened after the IPO?

A clear bridge between share prices.

The events behind the numbers

Series H issuance-price evidence

One-for-three reverse split

IPO completion and share conversion

$18.64 public closing price

Go deeper into the private evidence.