Shares of Pinterest soared Wednesday after Bloomberg first reported that PayPal may acquire the social media company.
The company’s stock was halted twice, before closing up more than 12%. PayPal, meanwhile, closed down nearly 5%.
PayPal has discussed acquiring the company for a potential price of around $70 a share, which would value Pinterest at about $39 billion, according to Bloomberg. Pinterest stock closed at $55.58 per share on Tuesday.
PayPal and Pinterest declined to comment.