Pinterest Stock Pops On Reports PayPal In Talks To Buy Social Media Firm

Pinterest stock popped Wednesday on speculation e-commerce firm Paypal Holdings (PYPL) is in talks to acquire the social media company. Trading in PINS stock was briefly halted amid reports a deal could be valued at $39 billion.

PayPal stock plunged 5.8% near 256 on the stock market today. Pinterest stock popped after trading resumed. Shares were up 11.4% near 61.90 in recent action. PINS stock had been down 16% in 2021 as of Tuesday’s market close.

Pinterest stock plunged after second-quarter results beat estimates user-growth came in below expectations.

The company has partnered with e-commerce firm Shopify (SHOP) to make shopping easier on its social media platform.

Pinterest Stock: User Numbers Below Views

Pinterest ended the quarter with 454 million monthly active users, below expectations of 482 million. It said as of July 27, U.S. monthly active users and international user have declined approximately 7% and 5% year over year.

The company held its initial public offering in April 2019 that priced PINS stock at 19, raising $1.4 billion with a valuation above $12 billion.

Pinterest is a pinboard-style photo-sharing website. It allows users to create and manage theme-based image collections such as events, interests, and hobbies.

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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

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