PayPal PYPL shares are trading higher after the company announced it is not pursuing an acquisition of Pinterest PINS at this time.
Rumors of the possible acquisition started circulating last week following a Bloomberg report.
"In response to market rumors regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time," said PayPal in a statement issued today.
PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions. The company had 377 million active accounts at the end of 2020, including 29 million merchant accounts.
The stock has a 52-week high of $310.16 and a 52-week low of $174.81.
PayPal was trading 4.03% higher at $250.08 per share at the time of publication.
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