PayPal, the digital payments giant, is thought to be in the late stages of acquiring Pinterest. The digital pinboard company, which allows commerce via links and clicking on images via its platform, could be sold in the vicinity of 45 billion dollars, predicted analysts.
The New York Times on Thursday reported PayPal offered around 70 dollars a share for Pinterest, valuing the deal as the largest in the consumer internet industry in the past decade.
PayPal CEO Dan Schulman said he envisioned the company growing to become a “super app” offering numerous services and functions, essentially as a one-stop shop for all things shopping and finance.
Reuters said the deal comes at a time when internet shoppers increasingly buy items they see on social media, often following “influencers” on platforms such as Instagram and TikTok, although the peak interest Pinterest saw at the start of the pandemic has slightly waned, reporting a drop in users for the second quarter of 2021.
Acquiring Pinterest would see PayPal as a major e-commerce player and to diversify its income which is generated most via advertising. Neither PayPal nor Pinterest have commented on a potential sale.Article source: Reuters, The New York Times