![]() ![]() read moreĪs lockdowns have eased globally, Pinterest has warned about slowing user growth, especially in the United States, which accounts for a majority of its user base. Sharp founded the online scrapbook and photo-sharing platform in 2010 with Ben Silbermann, who is the company's chief executive officer, and Paul Sciarra, who left in 2012.Įarlier in October, Sharp said he would step down as chief creative officer to join LoveFrom, a firm led by Jony Ive, the designer of many Apple Inc (AAPL.O) products. ![]() Pinterest's shares, which had surged 13% after the deal talks were reported last week, gave up nearly all its recent gains and slumped about 12% to $51.1 per share. The digital payments company's shares were trading up 3.6% in mid-day trading. PayPal's shareholders reacted positively to news of the talks no longer being active. "An acquisition of Pinterest would introduce significant integration risk, notably in terms of culture and execution as running a platform primarily focused on driving user engagement and advertising would require PayPal to use muscles it isn’t accustomed to using," said Tien-tsin Huang, a payments analyst at JP Morgan, in a note to clients. Since then, however, PayPal's shares have shed 12% of their value, with experts and analysts blaming the poor investor reception for the talks collapsing, while others highlighted challenges around integrating Pinterest within PayPal. read moreĪided by a boost in digital payments during the COVID-19 pandemic, PayPal's shares had risen over 35% in the past 12 months, giving it a market capitalization of nearly $320 billion, prior to the reports on its talks with Pinterest. At the time, sources had told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest. Reuters and other media reported on the deal talks last week. Both companies did not respond to further requests for comment. PayPal did not provide additional details in its one-line statement. The allure of Pinterest shareholders getting some of the payment giant's stock is now off the table, as is the prospect of getting access to PayPal's massive user base. ![]() The latest development is a blow for Pinterest, which is currently grappling with the twin challenges of losing its co-founder Evan Sharp and a slowdown in user growth that has hampered its future prospects. PayPal Inc (PYPL.O) is not pursuing an acquisition of Pinterest Inc (PINS.N) at this time, the digital payments company said on Monday, after several media last week reported on its talks to buy the digital pinboard site for as much as $45 billion. ![]()
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