We are advising Elliott Investment Management on the transaction

Davis Polk is advising Elliott Investment Management, L.P. on its $1 billion investment in Pinterest, Inc. in the form of 1.75% convertible senior notes due 2031. Pinterest intends to use the proceeds from the investment to repurchase shares of its Class A common stock through a $1 billion accelerated share repurchase transaction. Pinterest also plans to repurchase up to an additional $500 million of shares using cash on hand pursuant to a Rule 10b5-1 trading plan. Together with $473 million of repurchases completed under a previously authorized November 2024 program, these transactions represent approximately $2 billion in aggregate share repurchases expected to be completed by no later than the second quarter of 2026.

Elliott Investment Management managed approximately $79.8 billion of assets as of December 31, 2025. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high-net-worth individuals and families, and employees of the firm.

Pinterest is a visual search and discovery platform where people find inspiration, curate ideas and shop products, all in a positive place online. Headquartered in San Francisco, Pinterest has over 600 million monthly active users worldwide.

The Davis Polk corporate team includes partners Michael Gilson and Darren M. Schweiger, counsel Alon Benjamin Harish and associate Miranda Kantor. The equity derivatives team includes partner Mark M. Mendez and counsel M. Faisal Baloch. Partner John B. Meade and counsel Jenna M. Godfrey are providing capital markets advice. Partner William A. Curran is providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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