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Mar 3, 2026 4:11 PM

Why Pinterest Shares Are Rocketing On Tuesday?

Pinterest (NYSE:PINS) shares are up Tuesday as the company announced a significant $1 billion strategic investment from Elliott Investment Management.

This news comes as broader markets experienced declines, with the S&P 500 falling 0.78%, adding pressure to the overall market sentiment.

Elliott Investment

As per the deal, Elliott plans to invest by purchasing Pinterest's convertible senior notes, which carry an initial conversion price of about $22.72 per Class A share.

This reflects a 30% premium to the March 2, 2026 closing price, and are subject to standard anti-dilution adjustments.

The notes will mature on March 1, 2031, unless converted, redeemed, or repurchased earlier, and has an annual interest rate of 1.75%.

Buyback

The company plans to utilize Elliott’s investment for an accelerated share repurchase (ASR) agreement, alongside an additional $500 million from cash on hand.

Pinterest’s Board of Directors has authorized a new $3.5 billion share repurchase program, which replaces the existing plan.

The company expects to complete transactions under the ASR agreement by no later than the second quarter of 2026.

So far in 2026, Pinterest has already repurchased $473 million worth of stock ...

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