PayPal is interested in buying Pinterest, according to Bloomberg News. The payments company recently approached Pinterest about a possible acquisition with a price tag of around $45 billion, Bloomberg reported.
The potential deal comes during a tumultuous time for Pinterest, which saw its cofounder Evan Sharp leave for LoveFrom last week. Employees have also accused Pinterest of racism and discrimination, staging walkouts and circling petitions during the 2020 summer.
Pinterest is known as a steady source of traffic for ecommerce websites. It has attempted to integrate payments and purchasing more directly on its website, without much success. Pinterest shares increased by almost 13% after news of the potential deal broke.
PayPal shares dropped 3% in an apparent reaction to the potential deal. The company, which split off from former parent eBay in 2015, is worth more than $300 billion — approximately six times eBay's current market cap.