The US payments giant PayPal has denied the rumors that claimed potential intentions to acquire the social media platform Pinterest for $45 billion.
In a statement, the financial technology company said:
“In response to market rumours regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time,”
While PayPal shares traded 6.34% higher at US$255.65, the shares of the social media giant, which was founded in 2010, have sunk almost 13.97% and trading now at $49.95, as soon as the news broke.
With an active user base of over 454 million, Pinterest profits in Q3 showed growth of 125% to $613 million with a net income of US$69 million.
