PayPal says it is not buying Pinterest

In a succinct statement made “in response to market rumors,” PayPal stated it is “not pursuing an acquisition of Pinterest at the moment.”
Shares in PayPal (PYPL) gained 6.7% in premarket commerce on Monday, whereas Pinterest (PINS) dropped 12% forward of the open.
Final week, a number of media shops reported that PayPal had approached the bookmarking web site with an acquisition deal that will have valued Pinterest at over $40 billion. Bloomberg, Reuters and the Wall Road Journal all reported PayPal’s curiosity, citing sources.

PayPal has a historical past of large acquisitions, shopping for Japanese buy-now-pay-later service Paidy for $2.7 billion final month. The corporate’s earlier purchases embrace cellular funds platform Venmo and buying reward web site Honey.

A take care of Pinterest, usually thought of a feel-good nook of the web, would have given PayPal entry to much more client knowledge. Lately, Pinterest has launched extra buying options and likewise partnered with Shopify to make it simpler for sellers to make use of Pinterest to succeed in potential clients.

Shares of Pinterest had spiked practically 12% following the preliminary stories of a possible deal, however gave up a lot of the beneficial properties later within the week.

— Rishi Iyengar contributed to this report.

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