Activist investor Elliott Management has amassed a more than 9% stake in Pinterest Inc 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% 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 Vanguard Group holds an 8.7% stake, according to Refinitiv data.

Pinterest co-founder and former Chief Executive Ben Silbermann has a roughly 37% voting stake in the company and that could limit Elliott's ability to force changes.

Pandemic darling Pinterest is facing a downturn as red-hot inflation and the Ukraine war curb digital advertising spending, and the company has been trying to shift focus to e-commerce initiatives.

Digital ad-dependent companies including Alphabet Inc and Snap Inc have also warned of tough times ahead for the once booming industry.

Pinterest's stock has fallen more than 50% so far this year.

Pinterest declined to comment, while Elliott Management did not immediately respond to Reuters requests for comment.

  - Reuters