American fintech firm PayPal Holdings Inc. is not currently in the works to acquire social media firm Pinterest Inc., Bloomberg reported.

  • PayPal, in a one-sentence statement, responded to market rumors of a potential transaction, stating that it is not pursuing an acquisition of Pinterest at this time.
  • PayPal earlier approached Pinterest for a potential acquisition with the parties in talks for a transaction cost of around $70 per share, which would have valued Pinterest at $45 billion, according to sources close to the matter.
  • The buyout of Pinterest would boost PayPal’s goal to become a global supper app, with the social media firm originally intended to help consumers make online transactions.

Shares of Pinterest grew as much as 13% when the talks were reported but have since eased and are down 12% over the last three trading days. PYPL is up 4.22%, while PINS is down 14.39%.