March 3 (Reuters) - Pinterest said activist investor Elliott will buy fresh equity worth $1 billion that would help fund a new $3.5 billion share buyback, in a vote of confidence for the image-sharing platform's efforts to tackle uncertain ad spending.
Shares of Pinterest jumped nearly 5% in early trading on Tuesday as Elliott Investment Management's purchase would make it the company's biggest shareholder. The hedge fund already had a 4.8% stake in the company worth nearly $725 million as of December, according to LSEG data.
