CNBC
PayPal is in late-stage talks to buy social media company Pinterest, a person familiar with the matter told CNBC. This person asked to remain anonymous because the deal discussions were confidential.
Shares of Pinterest soared Wednesday after Bloomberg first reported that PayPal may acquire the social media company.
The company’s stock was halted twice, before closing up more than 12%. PayPal, meanwhile, closed down nearly 5%.
PayPal has discussed acquiring the company for a potential price of around $70 a share, which would value Pinterest at about $39 billion, according to Bloomberg. Pinterest stock closed at $55.58 per share on Tuesday.
PayPal and Pinterest declined to comment.
