California based financial company Paypal is in talks to acquire photo-sharing social network Pinterest.
Bloomberg reports that people familiar with the talks have discussed a potential price of around $70 a share.
The private discussions led by Paypal could potentially value Pinterest at roughly $39 billion.
This wouldn’t be a random purchase as Pinterest has become more of a shopping platform directing tons of traffic to eCommerce websites and Paypal wants to get more involved in the e-commerce business.
It’s worth noting Paypal owns Honey, known for its browser extension that looks for, aggregates and automatically applies online coupons on shopping websites. Paypal also owns Venmo, another mobile payment service.
In 2015, Paypal split off from eBay.
Early this year, Microsoft reportedly wanted to buy Pinterest too for $51 billion. It would have been the biggest purchase for the tech giant. LinkedIn was acquired for $26 billion in 2016.
Just last week, Evan Sharp, Pinterest co-founder stepped down to join LoveFrom, Jony Ive’s design firm.
News of this announcement has shaken the stock market with Pinterest shares going up over 10% at $61.55 while Pinterest shares were down about 3.5%.
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