Pinterest, the visual search and discovery platform, announced a $1 billion strategic investment from Elliott Investment Management and unveiled plans for approximately $2 billion in aggregate share repurchases expected in the first half of 2026.
Under the agreement, affiliates of Elliott Investment Management will invest $1 billion in Pinterest through the purchase of convertible senior notes. The proceeds will be used to fund a $1.0 billion accelerated share repurchase program. In addition, the company intends to repurchase up to $500 million in shares through open-market transactions under a Rule 10b5-1 trading plan. Combined with $473 million in share repurchases already completed year-to-date under a prior authorization, the total expected repurchases in the first half of 2026 amount to approximately $2.0 billion.
Pinterest’s Board of Directors has authorized a new $3.5 billion share repurchase program, replacing the existing program. After accounting for the accelerated share repurchase, $2.5 billion will remain available under the new authorization. The program has no time limit and may be suspended or discontinued at any time.
The convertible senior notes will mature on March 1, 2031, unless earlier repurchased, redeemed, or converted. They will carry an interest rate of 1.75% per year and have an initial conversion price of approximately $22.72 per share of Class A common stock, representing a 30% premium to the closing price on March 2, 2026.
The company said it delivered record revenue in 2025, with users reaching all-time highs for ten consecutive quarters and more than 80 billion monthly searches on the platform. Pinterest currently has over 600 million monthly active users worldwide.
KEY QUOTES
“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. 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.”
Bill Ready, Chief Executive Officer of Pinterest
“We have been steadfast supporters of Pinterest since we first invested in 2022, and have strong conviction in the Company’s trajectory. 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.”
Marc Steinberg, Partner at Elliott and Member of Pinterest’s Board of Directors
