Pinterest shares soar following report PayPal may buy it


Pinterest led by Chairman, Co-Founder, President and CEO Ben Silbermann and Co-Founder, Chief Design and Creative Officer, Evan Sharp ring the opening bell celebrating the IPO of Pinterest at the New York Stock Exchange in New York, April 18, 2019.

Brendan McDermid | Reuters

Shares of Pinterest soared Wednesday morning on a report that PayPal may acquire the social media company.

The company’s stock initially jumped on the news, before being halted due to volatility. It then resumed trading at more than 15%. The company’s stock was up more than 9% when it was halted for a second time. PayPal, meanwhile, dipped more than 3% on the news.

A Pinterest spokesperson did not immediately return CNBC’s request for comment.

PayPal has discussed acquiring the company for a potential price of around $70 apiece, which would value Pinterest at about $39 billion, according to Bloomberg. Pinterest stock closed at $55.58 per share on Tuesday.

This is breaking news. Please check back for updates.

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