RTTNews | Oct 25, 2021 04:54AM EDT

04:54 Monday, October 25, 2021 (RTTNews.com) - Digital payments firm PayPal Holdings Inc. (PYPL) stated that it is not pursuing an acquisition of Pinterest Inc. (PINS) at this time. The company was responding to market rumors of talks regarding a potential acquisition of Pinterest by PayPal.

Bloomberg News reported recently that San Jose, California-based PayPal was exploring a $45 billion acquisition of social media company Pinterest. PayPal reportedly had offered $70 per share, mostly in stock.

In pre-market activity on Nasdaq, PayPal shares were gaining around 6 percent to trade at $253.87, while on NYSE's pre-market trading, Pinterest shares were losing around 10 percent to trade at $52.41.

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