Tech

PayPal says it’s not pursuing a Pinterest acquisition

PayPal’s share price fell almost 12% in three days after the potential acquisition of Pinterest was reported.


Photo:

Richard B. Levine / Zuma Press

U.S. payment giant

PayPal Holdings Ltd

PYPL -1.16%

He said he is not currently trading on social media platforms

Pinterest Ltd,

pin -5.36%

A few days after the media reported that the company was in initial negotiations for a multi-billion dollar deal.

“In response to market rumors about the possibility of PayPal’s acquisition of Pinterest,” PayPal said in a statement released on its website on Sunday, “We are not pursuing the acquisition of Pinterest at this time.” I have.

The Wall Street Journal and other media Reported last week The two California-based companies were discussing early in the deal, citing people familiar with the matter.

After media coverage, PayPal’s share price fell almost 12% in three days. Pinterest’s share, an online sharing platform where users share links to photos, recipes and home decor ideas, rose 13% on Wednesday and lost half of it in the last two days of the week.

Pinterest’s deal is one of the biggest mergers of the year and will be the biggest acquisition of PayPal in history. Pinterest has a market capitalization of over $ 37 billion.

Write in Ben Otto ben.otto@wsj.com

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PayPal says it’s not pursuing a Pinterest acquisition

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