Pinterest shares soar following report PayPal might purchase it

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

Brendan McDermid | Reuters

Shares of Pinterest soared Wednesday morning on a report that PayPal might purchase the social media firm.

The corporate’s inventory initially jumped on the information, earlier than being halted as a result of volatility. It then resumed buying and selling at greater than 15%. The corporate’s inventory was up greater than 9% when it was halted for a second time. PayPal, in the meantime, dipped greater than 3% on the information.

A Pinterest spokesperson didn’t instantly return CNBC’s request for remark.

PayPal has mentioned buying the corporate for a possible value of round $70 apiece, which might worth Pinterest at about $39 billion, in response to Bloomberg. Pinterest inventory closed at $55.58 per share on Tuesday.

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