Yeah, that caught my eye too. I think the start-up world needs a better word for "we're completely abandoning our entire product direction and moving into a new industry" than "pivot". I'd suggest "reboot" but even that's a stretch.
"pivot" as commonly used now is code for "we did not pull an @ev (i.e. undo existing investment on change of direction such as odeo->twitter) and chose to continue using the $incubator brand licensing arrangement"