Shares of Pinterest soared as much as 17 percent Wednesday after a report said financial-technology firm PayPal is considering buying the social media company.
PayPal has recently approached Pinterest about a potential deal, Bloomberg reported, citing people with knowledge of the matter.
The companies have discussed a price of around $70 per share, which would value Pinterest at roughly $39 billion, one of the people said.
Pinterest stock closed at $55.58 per share on Tuesday.
The social media company’s stock initially spiked more than 17 percent on the news, before trading was halted due to volatility.
Shares resumed trading at over 15 percent and trading was halted again with the stock up more than 9 percent.
Shares of the company were last seen trading more than 11 percent higher at $61.91 per share.
PayPal investors had a more lackluster response to the news, with shares of the financial-technology firm falling almost 4 percent to $261.90.PayPal investors had a more lackluster response to the news, with shares of the financial-technology firm falling almost 4 percent to $261.90.
PayPal has been a prime beneficiary of the boom in online shopping during the pandemic, and acquisition of a social media company could position it to expand into social commerce.
Other companies, including Facebook and ByteDance-owned TikTok, are already active in the rapidly growing space that seeks to more seamlessly connect customers with sellers.
Representatives for PayPal and Pinterest did not immediately return The Post’s request for comment.