Pinterest generates a lot of interest in its debut on Wall Street 3:10
(CNN Business) -
Pinterest shares rose on Wednesday following a report that digital payments company PayPal is looking to potentially buy the bookmarking website.
PayPal is exploring an acquisition that would value Pinterest at about $ 39 billion, Bloomberg reported for the first time, citing people with knowledge of the matter.
Reuters and The Wall Street Journal also reported PayPal's interest, citing sources.
The companies did not immediately respond to a request for comment from CNN Business.
Pinterest shares soared nearly 12% this Wednesday morning, before giving up some of those gains.
Pinterest, often regarded as a nicer corner of the internet, has nonetheless faced some controversy.
The company announced earlier this year that it would ban ads related to weight loss after problems with content on its platform promoting potentially harmful eating and lifestyle habits.
Pinterest creates Lens, app to identify real world objects 0:38
Pinterest also paid $ 22.5 million last year to settle a gender discrimination lawsuit filed by its former COO Francoise Brougher.
(Pinterest did not admit liability as part of the settlement.)
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PayPal has a history of major acquisitions, buying the Japanese "buy now, pay later" service Paidy for $ 2.7 billion last month.
The company's past purchases include the Venmo mobile payments platform and the shopping rewards site Honey.
In recent years, Pinterest has introduced more shopping features and has also partnered with Shopify to make it easier for sellers to use Pinterest to reach potential customers.
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