Pinterest soars amid reports PayPal is exploring acquisition

The Pinterest app on a smartphone. Picture: DADO RUVIC/REUTERS

That would value Pinterest at about $45bn for the entire company, including its Class B shares. A deal at that level would represent about a 26% premium to Pinterest’s Tuesday closing price of $55.58. PayPal’s interest comes at a complicated time for Pinterest. The social media company announced this month that co-founder Evan Sharp, who oversaw its design and product teams, is stepping down. It’s also been dealing with a number of accusations from former employees that Pinterest discriminated against female workers.

PayPal has set its sights on becoming the world’s next “super app”, a one-stop shop for all things shopping and finance, akin to China’s Alipay or WeChat, India’s Paytm or Singapore’s Grab. In recent months, the firm has said it would add a bevy of new services to its revamped app, including high-yield savings accounts, check-cashing services and stock-investing capabilities.

The company has been introducing new tools to help creators make their “pins” shoppable, drawing a more direct connection between content on Pinterest’s site and online purchases. Pinterest shares hit an all-time high in February, but they have since fallen as usage slowed with the easing of Covid-19 restrictions.

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