Acquisition planned according to reports: PayPal shies away from Pinterest purchase

Acquisition planned according to reports
Paypal shies away from buying Pinterest

The price of the Pinterest share skyrockets. This is due to reports about a planned takeover of the platform by the digital payment service PayPal. In a short letter, PayPal has now announced that it wants to keep its hands off Pinterest for the time being.

PayPal initially wants to keep its hands off Pinterest. The Internet payment service announced that it would initially no longer pursue the billion-dollar takeover. PayPal did not communicate more. So far, only insiders had reported about the efforts.

Accordingly, PayPal offered $ 70 per Pinterest share, around $ 45 billion. It would have been the biggest takeover of a social network to date. Both companies are considered winners of the corona pandemic. The price of Pinterest shares rose significantly last week after reports of the possible takeover – by up to 13 percent.

Pinterest began as a platform on which users can save photos from the Internet on so-called pinboards on specific topics – for example, when they are planning a vacation or want to redesign their home. Meanwhile, Pinterest also sees itself as a visual search engine in which software can identify similar objects. On the basis of this ability, the service wants to play an increasingly important role in online trading – so that you can buy the things you see right away.

This could be a starting point for PayPal. Paypal is currently also due to the boom in online shopping in the pandemic to a market capitalization of 320 billion dollars. The service was once part of the online trading platform Ebay. Pinterest also made profits due to the corona crisis: More people used the lockdown time for the app. With the removal of the corona restrictions, the number of users fell again at the beginning of summer. The advertising business was still better.

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