07:38 AM EST, 03/03/2026 (MT Newswires) -- Pinterest ( PINS ) said Tuesday affiliates of Elliott Investment Management are investing $1.0 billion in the visual search and discovery company.

Under terms of the investment, Elliott's affiliates will purchase $1.0 billion in aggregate principal amount of Pinterest's ( PINS ) convertible senior notes, Pinterest ( PINS ) said, with an initial conversion price of about $22.72 per share of Pinterest's ( PINS ) class A common stock, which represents a 30% premium to the closing price of Pinterest's ( PINS ) class A common stock Monday. The notes will mature March 1, 2031, unless earlier repurchased, redeemed or converted, and will bear interest of 1.75% per year, the company said.

Proceeds from the investment will be used to repurchase Class A common stock under a new $3.5 billion share buyback program authorized by Pinterest's ( PINS ) board of directors, Pinterest ( PINS ) said.

Additionally, the company said it intends to repurchase up to $500 million in shares from cash on hand.