Shares of Pinterest soared Wednesday morning on a report that PayPal may acquire the social media company.
The company's stock initially jumped on the news, before being halted due to volatility. It then resumed trading at more than 15%. The company's stock was up more than 9% when it was halted for a second time.
PayPal, meanwhile, dipped more than 3% on the news.PayPal has discussed acquiring the company for a potential price of around $70 apiece, which would value Pinterest at about $39 billion, according to Bloomberg. Pinterest stock closed at $55.58 per share on Tuesday.
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