Paypal rules out the purchase of the social network Pinterest

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PayPal Business Debit Mastercard.

The payment method company Paypal has ruled out the purchase of the Pinterest social network, thus reacting to speculation about said operation that several media outlets had published in recent days.

“In response to market rumors about a possible acquisition of Pinterest by Paypal, Paypal emphasizes that it is not pursuing this acquisition at this time,” stressed the payment company. The brief statement does not clarify whether negotiations had taken place and does not close the door to the operation taking place in the future.

Rumors of the purchase pushed Pinterest’s share price as much as 13 percent last week. As days went by, the rally was reduced to about 4 percent compared to the price prior to any publication on the operation.

At the end of Friday, Pinterest registered a listing of more than 37.4 billion dollars (32.187 million euros) on the New York Stock Exchange. Since its debut in the markets in April 2019, the social network has seen an increase of 137 percent in the Stock Market.

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