PayPal Says Is Not Pursuing Acquisition of Pinterest

A Pinterest logo is seen on a smartphone placed over US dollar banknotes and a 3D printed PayPal logo in this illustration taken October 20, 2021. (Reuters)
A Pinterest logo is seen on a smartphone placed over US dollar banknotes and a 3D printed PayPal logo in this illustration taken October 20, 2021. (Reuters)
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PayPal Says Is Not Pursuing Acquisition of Pinterest

A Pinterest logo is seen on a smartphone placed over US dollar banknotes and a 3D printed PayPal logo in this illustration taken October 20, 2021. (Reuters)
A Pinterest logo is seen on a smartphone placed over US dollar banknotes and a 3D printed PayPal logo in this illustration taken October 20, 2021. (Reuters)

PayPal Inc is not pursuing an acquisition of Pinterest Inc at this time, the payments company said on Sunday, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion.

Pinterest did not immediately respond to a Reuters request for comment outside of business hours.

Bloomberg News first reported on the companies' talks last week that was later confirmed by Reuters. A source at that time told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest.

At that price, a deal would have been the biggest acquisition of a social media company, surpassing Microsoft Corp's $26.2 billion purchase of LinkedIn in 2016.

PayPal did not provide additional details in its statement.

It also did not respond to a request for comment seeking details about possible talks with Pinterest.

PayPal shares are down about 11.5% since the talks emerged, while Pinterest is up about 4.5%.



Meta Appoints Arun Srinivas as its India Head

FILE PHOTO: A Meta logo is pictured at a trade fair in Hannover Messe, in Hanover, Germany, April 22, 2024. REUTERS/Annegret Hilse/File Photo
FILE PHOTO: A Meta logo is pictured at a trade fair in Hannover Messe, in Hanover, Germany, April 22, 2024. REUTERS/Annegret Hilse/File Photo
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Meta Appoints Arun Srinivas as its India Head

FILE PHOTO: A Meta logo is pictured at a trade fair in Hannover Messe, in Hanover, Germany, April 22, 2024. REUTERS/Annegret Hilse/File Photo
FILE PHOTO: A Meta logo is pictured at a trade fair in Hannover Messe, in Hanover, Germany, April 22, 2024. REUTERS/Annegret Hilse/File Photo

Meta Platforms said on Monday that Arun Srinivas has been appointed as the managing director and head for Meta in India, effective July 1.

Srinivas currently heads the tech giant's India ads business, according to his LinkedIn profile.

His appointment comes at a time when Meta and Indian authorities have locked horns regarding allegations of the tech firm's anti-competitive practices in the country, Reuters reported.

In November, the Competition Commission of India (CCI) had fined the company over antitrust violations and restricted popular messaging platform WhatsApp - which Meta owns - from sharing user data with other Meta-owned applications for advertising purposes for a period of five years.

Meta had disagreed with the CCI's order and had warned of a hit to its business. It won a major relief earlier this year when an Indian tribunal temporarily suspended the five-year data sharing ban.