U.S. Payments giant PayPalIt stated Sunday it was not interested in purchasing social media platforms Pinterest

The financial technology firm responded to “market rumors” and said: an updateIt stated on its website, “not currently pursuing an acquisition by Pinterest.”

Pre-market trading on Nasdaq saw shares of PayPal rise by more than 6%, and Pinterest fell over 9%.

Person who is familiar with the topic told CNBC that PayPal was in late-stage talks to buy social media company PinterestIt was reported on Wednesday by After the first report. Bloomberg

The report helped Pinterest’s shares soar. Stocks of the company were halted twice before they closed down by more than 12 percent. PayPal closed its doors in the meantime with a loss of nearly 5%.

According to Bloomberg, PayPal was considering purchasing the company at a price of $70 per share. This would put Pinterest’s value at around $39 billion.

Pinterest is a platform that allows people to make and share images boards. In April 2019, it went public. The company was worth just $10 billion. The market capitalization of the company today is around $37 billion.

Andrew Jeffrey from Trust Securities, an analyst for Trust Securities, stated to CNBC that he is skeptical about a PayPal/Pinterest merger.

Jeffrey stated that a move to make an additional online deal is not logical long-term. He also said that PayPal must monetize the real world.

He said that unless the company is able to monetize off Venmo (e-commerce), we believe it will eventually revert towards ecom growth. That kind of deceleration, he explained.