Pinterest has announced a $1 billion strategic investment from affiliates of Elliott Investment Management. Additionally, the company unveiled plans to repurchase up to $3.5 billion worth of its shares under a new board-authorised program.
The company said it expects to use the proceeds from Elliott’s investment to fund a $1 billion accelerated share repurchase (ASR) agreement.
Combined with additional intended buybacks and repurchases already completed this year, Pinterest plans to execute approximately $2 billion in total share repurchases in the first half of 2026.
Pinterest said the ASR transactions are expected to be completed by no later than the second quarter of 2026
$1B through convertible notes
Under the terms of the deal, Elliott will purchase $1 billion in convertible senior notes issued by Pinterest. The notes will carry a 1.75% annual interest rate and mature on March 1, 2031, unless repurchased, redeemed, or converted earlier.
The initial conversion price is set at approximately $22.72 per share, representing a 30% premium to Pinterest’s closing stock price on March 2, 2026. The conversion price is subject to standard anti-dilution adjustments.
Pinterest said the investment reflects Elliott’s continued support. Elliott has been an investor in the company since 2022.
“We delivered record revenue in 2025, with users reaching all-time highs for ten consecutive quarters and more than 80 billion monthly searches on our platform, as we continue to deliver strong innovation in visual search using AI. We are excited to continue our partnership with Elliott for the next phase of Pinterest’s growth. Elliott’s investment is a strong vote of confidence in the work we have done to build our business and the significant opportunities ahead for Pinterest,” said Bill Ready, Chief Executive Officer of Pinterest. “Today’s repurchase announcement reflects our belief that our current share price undervalues the strength of our business and the significant long-term growth opportunity ahead.”
$3.5B share repurchase program
Pinterest’s board has approved a new share repurchase program of up to $3.5 billion, replacing its prior authorisation. The program has no set expiration date and may be adjusted or suspended at any time. The first step will be a $1 billion accelerated share repurchase agreement.
Under this arrangement, Pinterest will pay $1 billion on March 5, 2026, and expects to receive an initial delivery of approximately 80% of the shares expected to be repurchased under the agreement. The final number of shares will depend on the average volume-weighted share price during the ASR period, less a discount.
After the ASR, $2.5 billion will remain available under the repurchase authorisation. In addition to the ASR, Pinterest intends to repurchase up to $500 million in shares through open-market transactions under a Rule 10b5-1 trading plan, subject to market conditions and management discretion.
The company has already completed $473 million in repurchases this year under its previous program. Together, the ASR, the planned $500 million in open-market repurchases, and the $473 million already completed amount to roughly $2 billion in expected buybacks in the first half of 2026.
“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 of Directors. “We are excited to meaningfully increase our investment in the Company and deepen our partnership with Pinterest. We see substantial opportunity ahead for the Company, and I look forward to continuing to work with Bill and the Board to drive Pinterest’s success.”
