Activist Elliott Invests $1 Billion in Pinterest — Update

By Nicholas G. Miller

Activist investor Elliott Investment Management has injected $1 billion into Pinterest, which the company will use to repurchase shares.

Elliott will buy $1 billion in convertible senior notes with an initial conversion price of $22.72 a share. The price represents a 30% premium to the stock's closing price as of Monday.

The $1 billion in accelerated share repurchases will be part of a new $3.5 billion share-buyback program that the company's board has authorized.

"We have been steadfast supporters of Pinterest since we first invested in 2022, and have strong conviction in the company's trajectory," said Marc Steinberg, partner at Elliott and a member of Pinterest's board.

In January, Pinterest said it would cut up to about 15% of its workforce, or roughly 700 jobs. It said it aimed to reallocate resources toward higher-growth areas such as artificial intelligence. The company is investing in AI teams and products, seeking to boost revenue by helping users find and purchase products in the images they pin.

Last month, the company projected slowing revenue growth in the first quarter. It is currently suffering from larger retailers pulling back on advertising spending to protect their margins while they cope with tariffs.

Pinterest makes money through advertising on its platform, and the company has been hurt by a recent decline in spending among larger companies. In addition to investing in AI, Pinterest is also looking to expand its footprint among mid-market and small-to-medium business advertisers, as well as international businesses.

Write to Nicholas G. Miller at nicholas.miller@wsj.com

(END) Dow Jones Newswires

March 03, 2026 07:55 ET (12:55 GMT)