According to a report from advertising media company GroupM, Pinterest has about $1.4 billion of outstanding restricted shares held by the company's 1,800 employees as part of their compensation packages.
The report says the average Pinterest employee has about $700,000 in equity based on the $12 billion valuation from its last funding round in 2017.
According to the report, Pinterest's conservative pricing may help set investor expectations by tempering internal disruption and high employee turnover.
The average equity held by Pinterest employees is less than was the case with Snap employees when it went public in 2017, GroupM says, but still represents a significant risk of employee turnover after the IPO.
"At these levels Pinterest employees will be heavily impacted by stock performance," writes GroupM head of business intelligence Brian Wieser in a public report.
A volatile stock price after an IPO can cause internal disruption and excessive employee turnover, he writes.