A rumored merger between PayPal and Pinterest is no longer under consideration, and the two stocks are moving in opposite directions following the news.
“In response to market rumors regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time,” PayPal said in a statement on Sunday.
Pinterest fell as much as 15% on Monday, erasing all the gains it saw last week from news of deal talks, while PayPal surged as much as 6%. PayPal is still down about 6% from the $270 level it was trading at right before the rumored acquisition was reported.
