Pinterest jumps after $1 billion investment from Elliott

Shares of image-sharing platform Pinterest PINS.N jump 10.9% to $19.39 premarket

Hedge fund Elliott Investment Management is investing $1 billion in PINS through convertible bonds

Initial conversion price of $22.72 represents a 30% premium to PINS last close

Proceeds will be used by PINS to repurchase its shares via $1 billion accelerated share repurchase

"We have been steadfast supporters of Pinterest since we first invested in 2022, and have strong conviction in the company’s trajectory" - Marc Steinberg, partner at Elliott

Separately, PINS has authorized a new $3.5 billion share repurchase program

20 of 40 brokerages rate the stock "buy" or higher, 19 "hold" and one "sell"; median PT $21 - data compiled by LSEG

As of last close, PINS shares down 32.5% YTD