A banner for the online image board Pinterest Inc. hangs from the New York Stock Exchange on the morning that Pinterest makes its initial public offering on April 18, 2019.
Spencer Platt | Getty Images
Shares of Pinterest soared Wednesday morning on a Bloomberg report that PayPal may acquire the social media company.
The company’s stock was halted twice, before gaining 11% as of late morning. PayPal, meanwhile, dipped more than 3% on the news.
A Pinterest spokesperson declined to comment.
PayPal has discussed acquiring the company for a potential price of around $70 apiece, which would value Pinterest at about $39 billion, according to Bloomberg. Pinterest stock closed at $55.58 per share on Tuesday.
PayPal has largely benefitted from the boom in online shopping since the start of the pandemic. A potential acquisition of Pinterest could push the company into social commerce, a growing space that other tech giants are already working on.
Facebook, for example, has heavily pushed into making Instagram shoppable.
This is breaking news. Please check back for updates.