Elliott invests $1 billion in Pinterest's AI push
Elliott Investment Management has invested $1 billion in Pinterest, betting big on the platform's push into AI features like smarter visual search and personalized recommendations.
This move comes as Pinterest faces falling shares and recent layoffs, but Elliott clearly sees a comeback powered by tech upgrades.
Pinterest CEO Bill Ready on the investment
Pinterest CEO Bill Ready says he's "We are excited to continue our partnership with Elliott for the next phase of Pinterest's growth." and is looking forward to working together for the next growth phase.
The investment will also help fund a major $3.5 billion share buyback plan aimed at boosting stock value.
With over 80 billion searches each month and solid revenue last year, Pinterest is hoping new AI tools—and some fresh investor energy—will spark more user engagement and innovation.