Recently, Bloomberg revealed that PayPal was planning to buy Pinterest, the popular visual social network, for a potential price of about $70 per share, which would be equivalent to about $39 billion. The aforementioned media assured, through people involved in the matter, that both companies were in full negotiation. Now, the company led by Dan Schulman has denied this rumor.

PayPal assures that, at least for the moment, they have no intention of acquiring Pinterest. The company has not given further details except for a small statement sent to Bloomberg that reads as follows. “In response to market rumors about a possible acquisition of Pinterest by PayPal, PayPal has stated that it is not pursuing an acquisition at this time.” According to the aforementioned source, negotiations on the purchase of the social network by the online transaction giant had already begun. Therefore, it is likely that these did not come to fruition or simply never happened.

Undoubtedly, the purchase of the social network could have been a strategic move for PayPal. Although both platforms are completely different, PayPal, which until now has focused on acquiring payment services similar to its core business, could compete -or at least try to- with big players such as Facebook, which also integrate payment systems into their social networks.

Currently, PayPal seems to be focused on redesigning its platform to compete in the growing cryptocurrency market. Earlier this year, the company acquired Curv, an Israeli startup that offers security solutions for virtual wallets. The purchase closed for about $200 million. Months later, CNBC revealed PayPal’s intention to create a stock buying and selling tool for its U.S. customers.

Pinterest, which stands out for its boards where users can create or save images with ideas, articles, etc., has been of interest to other companies beyond PayPal. Microsoft, it should be recalled, was also interested in acquiring the social network for an even higher figure than PayPal was allegedly offering, according to The Financial Times. Talks between the two companies, however, came to a halt.

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