PayPal Holdings is exploring the possibility of acquiring the social network Pinterest, Blomberg reports. Pinterest went public in 2019 and kicked off with a capitalization of $ 10 billion.
PayPal recently reached out to Pinterest for a deal, according to people familiar with the matter. According to one source, the companies were discussing the potential value of the deal based on a share price of around $ 70. Thus, Pinterest is valued at approximately $ 39 billion. Since the announcement of the potential deal, Pinterest shares are up 19% to reach $ 66 per share. PayPal shares fell 3.3%, bringing the company's capitalization to $ 309 billion.
Bloomberg notes that at the moment Pinterest is going through difficult times in connection with the firing of co-founder of the social network Evan Sharp (Evan Sharp), who was responsible for the design and products of the company. Neither PayPal nor Pinterest have yet to comment on rumors of the deal.
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