The stock price of Pinterest (PINS) - Get Pinterest, Inc. Class A Report surged and was briefly halted before trading just above $62 by midday on Wednesday. The rumored purchase price of about $70 a share would value Pinterest at close to $40 billion.
Pinterest went public in 2019 with a valuation of about $10 billion. The acquisition would put PayPal with a market cap of $308 billion in a better position to capitalize on social commerce.
Other tech giants such as Facebook (FB) - Get Meta Platforms Inc. Class A Report have profited handsomely from the introduction of its 'Shop' tab and expanded social commerce initiatives on Instagram as well as Facebook.
Pinterest declined to comment when reached by TheStreet. PayPal did not immediately respond to a request for comment.