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PayPal in talks to buy Pinterest

by Mike Robinson

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© Reuters. FILE PHOTO: The PayPal logo is seen on a smartphone in front of the same logo displayed in this illustration taken September 8, 2021. REUTERS/Dado Ruvic/Illustration

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By Greg Roumeliotis

(Reuters) -Payments giant PayPal Holdings Inc (NASDAQ:) is in talks to buy digital pinboard site Pinterest (NYSE:) Inc, according to a person directly familiar with the matter.

The companies have discussed a potential price of $70 per share, which would value Pinterest at around $39 billion, according to Bloomberg News. The price would represent a 26% premium to Pinterest’s closing price of $55.58 on Tuesday.

PayPal and Pinterest did not immediately respond to Reuters’ requests for comment. The source requested anonymity as the discussions are confidential.

PayPal’s shares were down about 3.5%, while Pinterest’s shares were up over 10% at $61.55.

News of the potential deal comes less than a week after Pinterest co-founder Evan Sharp (OTC:) announced plans to leave the company to join LoveFrom, a firm led by Jony Ive, the designer of many iconic Apple (NASDAQ:) products.

Sharp founded the online scrapbook and photo-sharing platform along with Ben Silbermann, who is the company’s chief executive officer, and Paul Sciarra, who left in 2012.

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