PayPal Looks To Buy Pinterest In $39B Deal: Report

PayPal Holdings Inc PYPL is weighing the purchase of the social media company Pinterest Inc PINS, Bloomberg reported, citing people with knowledge of the matter.

Both the companies have discussed a possible price of around $70 per share, and the deal could value the digital pinboard site at about $39 billion, the report said. 

After the news about a possible acquisition, Pinterest's stock was halted twice on Wednesday.

PayPal's shares were down about 3.5%, while Pinterest's shares were up over 10% at $61.55.

PayPal shares were down 5.6% at $256.50 midday Wednesday, while Pinterest shares were rallying by 11.08% at $61.74. 

Last week, Pinterest co-founder Evan Sharp announced plans to leave the company to join LoveFrom. 

Sharp founded the online scrapbook and photo-sharing platform along with Ben Silbermann. 

During the pandemic, PayPal has gained momentum from the large scale of online transactions. With this acquisition, PayPal would move into the social media e-commerce market space. 

Photo: Unsplash.