Elliott Invests $1 Billion in Pinterest to Fund Buybacks

Activist investor Elliott Investment Management is investing $1 billion in Pinterest Inc. to help fund the social media company’s years-long effort to buy back shares.

The latest share repurchases will be carried out as part of a new $3.5 billion program authorized by Pinterest’s board on Tuesday, according to a company statement. Pinterest also plans to buy as much as $500 million in additional shares from cash on hand.