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%.



Google to Discount Cloud Computing Services for US Government, FT Reports

FILED - 09 January 2024, US, Las Vegas: The Google logo is pictured on the Internet company's pavilion at the CES technology trade fair in Las Vegas. Photo: Andrej Sokolow/dpa
FILED - 09 January 2024, US, Las Vegas: The Google logo is pictured on the Internet company's pavilion at the CES technology trade fair in Las Vegas. Photo: Andrej Sokolow/dpa
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Google to Discount Cloud Computing Services for US Government, FT Reports

FILED - 09 January 2024, US, Las Vegas: The Google logo is pictured on the Internet company's pavilion at the CES technology trade fair in Las Vegas. Photo: Andrej Sokolow/dpa
FILED - 09 January 2024, US, Las Vegas: The Google logo is pictured on the Internet company's pavilion at the CES technology trade fair in Las Vegas. Photo: Andrej Sokolow/dpa

Google will heavily discount cloud computing services for the United States government, in a deal that could be finalized within weeks, the Financial Times reported on Friday, amid President Donald Trump's efforts to implement sweeping measures to minimize federal spending.

The Wall Street Journal reported last week that Oracle will offer federal agencies a 75% discount on its license-based software and a "substantial" discount on its cloud service through the end of November.

Google's cloud contract is likely "to land in a similar spot", the Financial Times said, citing a senior official at the General Services Administration, adding that equivalent discounts from Microsoft's Azure and Amazon Web Services are expected to follow soon.

"Every single of those companies is totally bought in, they understand the mission," the senior official told the newspaper. "We will get there with all four players."

Reuters could not immediately verify the report.

Google and the General Services Administration did not immediately respond to Reuters' requests for comment outside regular business hours.

In April, Google agreed to offer a 71% discount till September 30 to US federal agencies for its business apps package that could generate up to $2 billion in cost savings if there is government-wide adoption.