Pinterest secured a $1 billion strategic investment from Elliott Associates, L.P. and Elliott International, L.P. through the issuance of 1.75% Convertible Senior Notes due 2031. The company's Board of Directors authorized a new $3.5 billion share repurchase program, replacing the previous November 2024 program. Under the new program, Pinterest will execute a $1 billion Accelerated Share Repurchase (ASR) agreement with Goldman Sachs & Co. LLC, with an initial delivery of approximately 80% of shares expected on March 5, 2026. Pinterest intends to repurchase an additional $500 million in shares from cash on hand via a 10b5-1 trading plan. Combined with $473 million in repurchases completed year-to-date under the prior program, total aggregate share repurchases are expected to reach approximately $2.0 billion in the first half of 2026. The convertible notes bear an interest rate of 1.75% per annum, payable semi-annually, and mature on March 1, 2031. The initial conversion price for the notes is approximately $22.72 per share, representing a 30% premium to the Class A common stock's closing price on March 2, 2026. Marc Steinberg, an Elliott designee, will continue to serve on Pinterest's Board of Directors and will be nominated for re-election as a Class I director with a term expiring at the 2029 annual meeting. Elliott has agreed to certain voting commitments and standstill restrictions until the later of 20 days after Mr. Steinberg ceases to serve or the two-year anniversary of the closing.