PayPal is not pursuing an acquisition of Pinterest at this time, the digital payments company said on Monday, after several media last week reported on …
PayPal is not pursuing an acquisition of Pinterest at this time, the digital payments company said on Monday, after several media last week reported on its talks to buy the digital pinboard site for as much as $45 billion. The latest development is a blow for Pinterest, which is currently grappling with the twin challenges of losing its co-founder Evan Sharp and a slowdown in user growth that has hampered its future prospects. The allure of Pinterest shareholders getting some of the payment giant’s stock is now off the table, as is the prospect of getting access to PayPal’s massive user base. In Monday afternoon trading, PayPal shares rose 4 percent, while Pinterest fell nearly 13 percent. PayPal did not provide additional details in its one-line statement. Both companies did not respond to further requests for comment. Reuters and other media reported on the deal talks last week. At the time, sources had told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest. Aided by a boost in digital payments during the COVID-19 pandemic, PayPal’s shares had risen over 35 percent in the past 12 months, giving it a market capitalization of nearly $320 billion, prior to the reports on its talks with Pinterest.
