PayPal has denied pursuing the acquisition of social media platform Pinterest in a deal reportedly worth $45 billion.
It was first reported last week by Bloomberg that the payment firm had offered $70 per share, mostly in stock for the site. The acquisition would have been the biggest deal for a social media platform, surpassing Microsoft’s acquisition of LinkedIn in 2016 for $26.2 billion.
PayPal did not provide any extra details after denying the claim, after Pinterest’s shares boomed 13 per cent to $63.31 following the news of the discussions with the payment provider, giving Pinterest a market capitalisation of more than $40 billion.
Since the initial report, PayPal shares have fallen around 11.5 per cent after talks were reported, however Pinterest’s have risen by approximately 4.5 per cent.
