Pinterest, Inc. (PINS), a visual search and discovery platform, on Tuesday announced a $1 billion strategic investment from Elliott Investment Management through the purchase of convertible senior notes.
Under the terms, Elliott will purchase $1 billion aggregate principal amount of notes maturing March 1, 2031, bearing interest at 1.75% annually.
The notes have an initial conversion price of approximately $22.72 per share, representing a 30% premium to the March 2 closing price.
Pinterest said it expects to use the proceeds to fund a $1 billion accelerated share repurchase.
The company also authorized a new $3.5 billion share repurchase program, replacing its prior authorization.
In total, Pinterest expects approximately $2 billion of share repurchases in the first half of 2026, including the $1 billion accelerated repurchase, up to $500 million of additional open-market repurchases.
In the pre-market trading, Pinterest is 7.01% higher at $18.70 on the New York Stock Exchange.
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