1/10/2023 0 Comments Pinterest evan jony lovefromThe Pinterest deal would have been the biggest acquisition of a social media company at the reported price, far surpassing Microsoft’s $26.2 billion purchase of LinkedIn in 2016. In the June quarter, Pinterest’s overall monthly active users (MAUs), a widely watched metric, rose by only 9 percent, to 454 million, after having jumped 30 percent in the prior quarter. Despite its abandonment of a Pinterest deal, PayPal has opened up its wallet a lot lately - buying Happy Returns and Paidy earlier this year. Pinterest has said it expects growth mainly through deeper engagement with existing users, rather than new sign-ups. Sharp founded the online scrapbook and photo-sharing platform in 2010 with Ben Silbermann, who is the company’s chief executive officer, and Paul Sciarra, who left in 2012.Įarlier in October, Sharp said he would step down as chief creative officer to join LoveFrom, a firm led by Jony Ive, the designer of many Apple products.Īs lockdowns have eased globally, Pinterest has warned about slowing user growth, especially in the United States, which accounts for a majority of its user base. “An acquisition of Pinterest would introduce significant integration risk, notably in terms of culture and execution as running a platform primarily focused on driving user engagement and advertising would require PayPal to use muscles it isn’t accustomed to using,” said Tien-tsin Huang, a payments analyst at JP Morgan, in a note to clients. Since then, however, PayPal’s shares have shed 12 percent of their value, with experts and analysts blaming the poor investor reception for the talks collapsing, while others highlighted challenges around integrating Pinterest within PayPal. ![]() Evan Sharp, who co-founded Pinterest in 2010, exited the company for a job at LoveFrom. At the time, sources had told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest.Īided by a boost in digital payments during the COVID-19 pandemic, PayPal’s shares had risen over 35 percent in the past 12 months, giving it a market capitalization of nearly $320 billion, prior to the reports on its talks with Pinterest. ![]() Reuters and other media reported on the deal talks last week. Both companies did not respond to further requests for comment. PayPal did not provide additional details in its one-line statement. In Monday afternoon trading, PayPal shares rose 4 percent, while Pinterest fell nearly 13 percent. The allure of Pinterest shareholders getting some of the payment giant’s stock is now off the table, as is the prospect of getting access to PayPal’s massive user base. ![]() The latest development is a blow for Pinterest, which is currently grappling with the twin challenges of losing its co-founder Evan Sharp and a slowdown in user growth that has hampered its future prospects. ![]() PayPal is not pursuing an acquisition of Pinterest at this time, the digital payments company said on Monday, after several media last week reported on its talks to buy the digital pinboard site for as much as $45 billion. Pinterest-ing lead: Internet sleuth reveals ‘weird’ detail on Brian Laundrie social media accountīrian Laundrie reportedly shared cryptic messages on Pinterest Pinterest stock soars after report says PayPal may acquire it How London teen’s suicide could spark social media reforms for US kids
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