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08.11 - 14:17
Pinterest shares soar amid reports of $39bn takeover by PayPal
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PayPal is reportedly exploring the acquisition of social media company Pinterest, according to Bloomberg News.
PayPal, the financial technology company based in San Jose, California, recently approached Pinterest about a potential deal that would value Pinterest at roughly $39bn, according to Bloomberg. The price is close to its market value on Wednesday. PayPal has a market cap of $304bn.
The news sent Pinterest’s share price soaring more than 10% and led to trading in the image-sharing and social media service being suspended twice. PayPal’s share price slumped more than 4%. Neither company has commented on the rumors so far.
Pinterest, based in San Francisco, has more than 478 million active users. The 11-year-old service started as a
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