Pinterest shares pop 8% as activist Elliott Management takes $1 billion stake
Pinterest CEO Bill Ready speaks at the 28th annual Milken Institute Global Conference at the Beverly Hilton on May 5, 2025 in Beverly Hills, California.
Patrick T. Fallon | AFP | Getty Images
on PinterestShares of activist investor Elliott Investment Management rose 8%. 1 billion dollar investment at the social media company.
The company said it plans to use the financing to buy back shares as part of a newly approved $3.5 billion share buyback program.
“Elliott’s investment is a strong vote of confidence in the work we’re doing to grow our business and the significant opportunities ahead for Pinterest,” CEO Bill Ready said in a statement.
Marc Steinberg, a partner at Elliott and a member of Pinterest’s Board of Directors, said the firm sees “significant opportunity ahead” for the social media company.
Pinterest’s shares have lost nearly a third of their value this year. The company is struggling with slowing growth and declining advertising spending as businesses deal with tariff impacts.
Pinterest last month suffered a slump in lackluster fourth-quarter earnings after it said tariff shocks were putting pressure on major retailers and contributing to a pullback in ad spending.
In January, the company also laid off less than 15 percent of its workforce and reduced office space as it prioritized artificial intelligence.
As part of the deal, Elliott will purchase $1 billion of convertible senior notes at an initial conversion price of $22.72 per share. This represents a 30% premium over the stock’s closing price on Monday.
