PayPal has made a bid for social media giant Pinterest, sparking rumours of a new force in ecommerce.

Pinterest App iPhone

The payments provider is in talks to acquire Pinterest for $45bn, which works out at $70 per share.

This would be a 26% premium on Pinterest’s share price on Tuesday evening. Its shares soared 13% to $63.31 following the news.

PayPal’s shares dropped almost 5% to $258.36 last night.

The acquisition could create a new ecommerce titan as PayPal aims to become a super-app, similar to the likes of WeChat in China.

The payments specialist has been on an acquisition spree over the past few years. It bought Swedish payments device company Zettle in 2018, price comparison website Honey in 2020 and Japanese buy now, pay later firm Paidy earlier this month.

Neither company has commented on the potential deal so far.

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