Pinterest is at a crossroads after co-founder Evan Sharp announced earlier this month he would step down as chief creative officer to join LoveFrom, a firm led by Jony Ive, the designer of many Apple Inc products. PayPal did not provide additional details in its statement.īoth companies also did not respond to requests for comment. He has overseen the product and design teams for the. Sharp is Pinterest’s chief design and creative officer, and as co-founder, sits on the board of directors. It also acquired Happy Returns, a company which helps online shoppers return unwanted merchandise, for an undisclosed sum in May to bolster its e-commerce offerings and build on its $4 billion acquisition of online coupon finder Honey Science in 2019. co-founder Evan Sharp is stepping down from the company and plans to join LoveFrom, the design firm founded by former Apple Inc. Paypal, among the big pandemic winners, has done a few takeover deals this year, including its $2.7 billion acquisition of Japanese buy-now-pay-later (BNPL) firm Paidy. It would have also allowed PayPal capture more e-commerce growth, as more shoppers increasingly buy items they see on social media, often following "influencers" on platforms such as Instagram, TikTok and even Pinterest. The Pinterest deal would have been the biggest acquisition of a social media company at the reported price, far surpassing Microsoft Corp's $26.2 billion purchase of LinkedIn in 2016. However, sources had cautioned Reuters that no deal was certain and that the terms could change. A source at that time told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest. Since then, however, PayPal’s shares have shed 12 percent of their value, with. PayPal shares rose 6.2% to $255.20 in premarket trading on Monday, while those of Pinterest fell about 10% to $52.50.īloomberg News first reported on the companies' talks last Wednesday that was later confirmed by Reuters. Evan Sharp, who co-founded Pinterest in 2010, exited the company for a job at LoveFrom. Meet Joe Black Brad Pitt for Brad Pitt fans Sticker. Sharp founded the online scrapbook and photo-sharing platform along with Ben Silbermann, who is the company's chief executive officer, and Paul Sciarra, who left in 2012.PayPal Inc is not pursuing an acquisition of Pinterest Inc at this time, the payments company said late on Sunday, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion. Meet Joe Black Brad Pitt romantic couple fan art romantic gift Sticker. News of the potential deal comes less than a week after Pinterest co-founder Evan Sharp announced plans to leave the company to join LoveFrom, a firm led by Jony Ive, the designer of many iconic Apple products. Pinterest co-founder Evan Sharp is joining Jony Ives design firm Sarah Perez October 14, 2021, 8:10 a.m. PayPal's shares were down about 3.5%, while Pinterest's shares were up over 10% at $61.55. The source requested anonymity as the discussions are confidential. co-founder Evan Sharp is stepping down from the company and plans to join LoveFrom, the design firm founded by former Apple Inc. (Reuters) - Pinterest Inc said on Thursday co-founder Evan Sharp is leaving the company to join LoveFrom, a firm led by Jony Ive, the designer of many. PayPal and Pinterest did not immediately respond to Reuters' requests for comment. The price would represent a 26% premium to Pinterest's closing price of $55.58 on Tuesday. The companies have discussed a potential price of $70 per share, which would value Pinterest at around $39 billion, according to Bloomberg News.
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