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October 25, 2021Blog Posts

PayPal says it’s not looking to buy Pinterest

CNN

PayPal is not looking to buy Pinterest, the digital payments company said Sunday, following reports that it was exploring yet another big-ticket acquisition.

In a succinct statement made “in response to market rumors,” PayPal said it’s “not pursuing an acquisition of Pinterest at this time.”

Shares in PayPal (PYPL) gained 6.7% in premarket trade on Monday, while Pinterest (PINS) dropped 12% ahead of the open.

Last week, several media outlets reported that PayPal had approached the bookmarking website with an acquisition deal that would have valued Pinterest at over $40 billion. Bloomberg, Reuters and the Wall Street Journal all reported PayPal’s interest, citing sources.

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