PayPal Is Not Going for Pinterest
"In response to market rumors regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time", says PayPal on the news that it was planning to acquire Pinterest.
PayPal said it's "not pursuing an acquisition of Pinterest at this time" following negative reactions from shareholders over the potential deal. The acquisition, valued at an estimated $45 billion, would have been one of the biggest consumer internet takeovers in recent history. But PayPal shares tumbled on the news, signaling concerns from investors. PayPal is facing a tidal wave of competitors in the digital payments space, and a Pinterest deal would have expanded its reach to the beginning of the online shopping process.