Yesterday PayPal confirmed it is not pursuing an acquisition of Pinterest, after reports that it was in talks to buy the site.

⠀

Bloomberg first reported on the companies' talks last Wednesday, with sources claiming that PayPal had offered $70 per share, mostly in stock, for Pinterest. The financial technology company denied the news on Sunday in an update on its website that it is "not pursuing an acquisition of Pinterest at this time."

⠀

Paypal’s one-line release doesn't confirm or deny that the companies were ever in talks, but the response makes it fairly clear a deal won’t be happening in the future. Pinterest has yet to comment on the news.

⠀

The deal would have easily been the biggest acquisition of a social media company at the reported price of $45 billion, surpassing Microsoft’s $26.2 billion acquisition of LinkedIn back in 2016.

⠀

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇