PayPal Holdings Inc (NASDAQ:PYPL) is weighing the purchase of the social media company Pinterest Inc (NYSE: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.