Elliott Pledges $1B Convertible Notes at $22.72 and $500M Buyback for Pinterest
Elliott Investment Management has pumped $1 billion into Pinterest through convertible senior notes priced at $22.72 per share to fund share repurchases. Pinterest plans an additional $500 million in buybacks via a 10b5-1 trading plan, supplementing its existing $3.5 billion repurchase authorization.
1. Elliott’s $1 Billion Convertible Note Investment
Elliott Investment Management has agreed to purchase $1 billion of Pinterest’s convertible senior notes carrying an initial conversion price of $22.72 per share. The structure provides Elliott with equity upside while delivering immediate funding earmarked for share repurchases.
2. Funding of Share Repurchase Programs
Proceeds from the $1 billion note sale will be channeled into Pinterest’s existing $3.5 billion share buyback program, and Pinterest has also authorized a separate $500 million repurchase under a 10b5-1 trading plan using cash on hand. This combined $4 billion of repurchases aims to reduce outstanding shares and support per-share metrics.
3. Management’s Confidence and Growth Metrics
Marc Steinberg, partner at Elliott and Pinterest board member, emphasized strong conviction in the company’s trajectory since its 2022 investment. CEO Bill Ready noted record 2025 revenue, ten consecutive quarters of all-time high user counts and over 80 billion monthly searches, underscoring AI-driven innovation as a driver for future growth.