Elliott's investment is a strong vote of confidence in the work we have done to build our business and the significant opportunities ahead for Pinterest. Marc Steinberg, who is a partner at Elliott and a member of Pinterest's Board, said the firm sees substantial opportunity ahead for the social media company.
The goal of the program is to utilize the company's strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture.