Pinterest Secures $1B Investment from Elliott

Pinterest announced that affiliates of Elliott Investment Management, are investing $1B in Pinterest. Pinterest expects to use the proceeds from Elliott's investment to repurchase shares of its Class A common stock via a $1B accelerated share repurchase agreement. The ASR and future share repurchases will be conducted under a new $3.5B share repurchase program authorized by Pinterest's board of directors, effective immediately. In addition to the ASR, Pinterest intends to repurchase up to an additional $500M in shares from cash on hand pursuant to a 10b5-1 trading plan, subject to terms and conditions of the plan, market conditions and management discretion. In total, the $1B ASR, the intended $500M of additional repurchases under the Rule 10b5-1 trading plan, and the $473M of repurchases completed year-to-date represent approximately $2B of aggregate share repurchases expected in the first half of 2026. Under the terms of the investment, Elliott will purchase $1B in aggregate principal amount of Pinterest's convertible senior notes. The notes will have an initial conversion price of approximately $22.72 per share of Pinterest's Class A common stock, subject to customary anti-dilution and other adjustments. The initial conversion price represents a 30% premium to the closing price of the company's Class A common stock on March 2. The notes will mature on March 1, 2031, unless earlier repurchased, redeemed or converted. The Notes will bear interest at 1.75% per year.