The stock price of Pinterest (PINS) - Get Free 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.
Pinterest declined to comment when reached by TheStreet. PayPal did not immediately respond to a request for comment.