Paypal stock soars after the company denies Pinterest bid
Last week, a rumor began circulating that PayPal made a bid to buy Pinterest Inc for $45 billion. The news was covered by big networks like Bloomberg, CNBC, and more. It appears that PayPal investors were not impressed by the rumor and the stock tanked shortly after.
Today, PayPal has come forward to deny the Pinterest takeover rumor and we saw PayPal stock gain 10% after the news was released the company is not interested in buying Pinterest.
PayPal On Pinterest takeover rumor " In response to market rumors regarding a potential acquisition of Pinterest by PayPal. PayPal (PYPL) stated that it is not pursuing an acquisition of Pinterest at this time".
Pinterest (PINS) stock tumbles shortly after PayPal released his press note.
Here are some of PayPal's financial numbers that you should pay attention to.
| (USD) | Jun 2021 | Y/Y |
|---|---|---|
| 6.24B | ||
| 1.18B | ||
| 1 | ||
| 18.98% |
For Pinterest, here is how the company is doing financially.
| (USD) | Jun 2021 | Y/Y |
|---|---|---|
| 613.21M | ||
| 69.42M | ||
| 0.1 | ||
| 11.32% |
Is PayPal planning of buying Pinterest? Pinterest stock is down by over 40% from it 52 weeks high of $89.9 per share. In short, PayPal is not going to buy Pinterest in the near future.
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