PayPal responds to ‘market rumors’ that it is about to buy Pinterest, says CNBC

From CNBC:

U.S. payments giant PayPal said Sunday that it is not currently interested in buying social media platform Pinterest.

Responding to what it called “market rumors,” the financial technology company said in an update on its website that it is “not pursuing an acquisition of Pinterest at this time.”

Shares of PayPal were up almost 6% in pre-market trading on the Nasdaq stock exchange, while shares of Pinterest were down over 9%.

A person familiar with the matter told CNBC that PayPal was in late-stage talks to buy social media company Pinterest on Wednesday, after it was first reported by Bloomberg.

Continue reading PayPal responds to ‘market rumors’ that it is about to buy Pinterest on CNBC

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