Pinterest Shares Jump After Information of Microsoft’s Potential Acquisition of the Company is Released
Pinterest shares rose 5% on Thursday after a Financial Times report revealed Microsoft tried to buy the social media firm.
Microsoft’s potential acquisition of the $51 billion online photo-pinning platforms would have been its largest deal to date. But according to the FT’s sources, talks are currently not active.
On the platform, users typically pin images to add to their visual wish-lists for personal hobbies, or interests such as wedding planning, house decor, or vacation ideas.
Pinterest’s market value has soared over 600% during the course of the pandemic as it blew away investors with its robust growth in revenue and users. As more people continued to spend their time online, the 11-year-old company added a record 100 million daily active users to its platform in 2020.