00:00It's Benzinga bringing Wall Street to Main Street.
00:02Pinterest shares jumped 8% after Elliott Investment Management disclosed a $1 billion investment in
00:08the company, according to CNBC. Pinterest said it plans to use the investment to repurchase stock
00:13under a $3.5 billion share buyback program approved by its board. CEO Bill Reddy said
00:19the investment reflects confidence in the company's business and future opportunities.
00:24Elliott partner Mark Steinberg, who serves on Pinterest's board,
00:27said the firm sees substantial opportunity ahead.
00:31Last month, Pinterest shares fell after the company reported weak fourth-quarter earnings
00:35and said tariff shocks weighed on large retailers and reduced advertising spending.
00:40In January, Pinterest cut less than 15% of staff and reduced office space as it prioritized
00:47artificial intelligence. Shares have fallen 32% this year.
00:50For all things money, visit Benzinga.com.
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