PayPal has said that it is not planning to buy Pinterest at the moment following recent media reports of potential acquisition.

Last week sources at Bloomberg claimed that PayPal was exploring a $45 billion buyout of the social media platform.

The reported price of $70 per share would have represented a 26 per cent premium on Pinterest’s closing price.

According to a report by Reuters, shares at the FinTech jumped by 6.2 per cent to $255.20 in premarket trading on Monday. But Pinterest took a hit, with shares falling roughly 10 per cent to $52.50.

Pinterest, founded in 2009, has more than 450 million users worldwide and experienced rapid user growth over the pandemic. The image sharing and social media website enables the saving and discovery of images, GIFs, and videos.

News of the potential buyout came after the platform introduced new e-commerce focused features earlier in October, allowing its “pins” to become more shoppable.

Collections on Pinterest can now include slideshows, allowing merchants to create video-like shoppable ad experiences via catalogue integrations.

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