PayPal’s share price rose by four per cent on Monday after the firm said it is not pursuing an acquisition of social media firm Pinterest “at this time”.
PayPal issued a brief statement after Bloomberg reported last week that the payments giant was investigating a $39 billion bid for Pinterest.
The report led PayPal shares to fall, while Pinterest’s rose. According to the Wall Street Journal, PayPal has abandoned the deal after shareholder’s reacted negatively.
Following today’s statement, Pinterest shares were down by more than 12%.
Any deal would have aided PayPal in the rush to social commerce that is being targeted by the likes of Instagram. Pinterest has rolled out features that lets users make purchases from creators’ ‘Pins’.
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