PayPal Holdings Inc. has been reported to be in talks to acquire the photo-sharing social network Pinterest.
The report emerged from Bloomberg, stating that people familiar with the talks have discussed a potential price of around $70 a share.
The PayPal-led private discussions could potentially value Pinterest at roughly $39 billion.
This wouldn’t be a random purchase as Pinterest has become more of a shopping platform directing tons of traffic to eCommerce websites and PayPal wants to get more involved in the e-commerce business.
It’s worth noting PayPal owns Honey, known for its browser extension that looks for, aggregates and automatically applies online coupons on shopping websites. PayPal also owns Venmo, another mobile payment service.
For those who are unaware, back in 2015, PayPal split off from eBay.
Early this year, Microsoft was reportedly interested in acquiring Pinterest too for $51 billion. It would have been the biggest purchase for the tech giant. LinkedIn was acquired for $26 billion in 2016.
Just last week, Evan Sharp, Pinterest co-founder stepped down to join LoveFrom, Jony Ive’s design firm.
News of this announcement has shaken the stock market with Pinterest shares going up over 10% at $61.55 while Pinterest shares were down about 3.5%.
PAYPAL EXPLORING AN ACQUISITION OF PINTEREST
A STORY IN TWO PARTS PIC.TWITTER.COM/SY1H7EN10J
— MORNING BREW ☕️ (@MORNINGBREW) OCTOBER 20, 2021
PAYPAL + PINTEREST = PAY INTEREST
— WILL HERSHEY (@MAYBEBULLISH) OCTOBER 20, 2021
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