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.

Pinterest Inc. shares fell by the most in more than three years after the company projected current-quarter sales that fell short of Wall Street estimates, the latest in a rocky period marked by layoffs and a pivot toward artificial intelligence products.

Pinterest Inc. said it plans to cut “less than 15%” of its workforce and reduce office space as it shifts resources toward investing in artificial intelligence.

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec. (Source: Bloomberg)

Food bloggers see traffic dip as home cooks turn to AI, inspired by impossible pictures