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PayPal in talks to buy Pinterest

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Pinterest has seen its stock market value increase sevenfold since the start of the pandemic

Payments behemoth PayPal Holdings is in talks to buy digital pinboard site Pinterest.

The companies have discussed a potential price of $70 per share, according to Bloomberg News.

This would value Pinterest at around $39bn.

The price would represent a 26 per cent premium to Pinterest’s closing price of $55.58 on Tuesday.

PayPal’s shares were down about 3.5 per cent, while Pinterest’s shares were up over 10 per cent at $61.55.

News of the potential deal comes months after Microsoft’s attempts to acquire Pinterest earlier this year.

It also follows Pinterest’s co-founder Evan Sharp’s plans to leave the company to join LoveFrom, a firm led by Jony Ive, the designer of many iconic Apple products.