PayPal’s share price rose by four PayPal percent on Monday after the firm said it is not pursuing an acquisition of social media firm Pinterest “at this time”.
PayPal issued a brief statement after Bloomberg reported last week that the company was investigating a $ 39 billion fee for Pinterest.
The report led to the collapse of such, as Pinterest left. According to the Wall Street Journal, PayPal dropped the business after the shareholders responded.
Following today’s announcement, Pinterest shares have dropped by more than 12%.
Any move would have helped speed up social interactions driven by Instagram’s enthusiasm. Pinterest has played posters that allow users to purchase design ‘Pins’.