Leading online payment platform and financial service provider PayPal Inc. (PYPL) has distanced itself from stories which have been doing rounds that it will be buying image sharing platform and social media service Pinterest Inc. (PINS).
Some few days ago, stories started dong rounds that PayPal was holding talks with Pinterest aiming to acquire the company in a $45 billion deal.
Bloomberg business news was the first place where such news popped up, with Bloomberg reporting that the two companies held talks last week on the matter with an insider source revealing that PayPal was offering to buy the stock of Pinterest at $70 per share.
If such a deal would have sailed through, they it would have went down as the largest acquisition deal of a social media company even surpassing the $26 billion Microsoft Corp. (MSFT) paid to acquire LinkedIn back in 2016.
PayPal failed to give any extra information on the matter, additionally, it also failed to answer a question if there were any possible talks of acquiring Pinterest by the company.
On the other hand, Pinterest is yet to give a statement on the matter.