PayPal has made an offer to buy digital pinboard company Pinterest for $45 billion, according to sources familiar with the matter.
Such a deal could signal more tie-ups in the future between financial technology and social media companies, in order to capture swaths of the e-commerce market.
The potential deal comes as shoppers increasingly buy items they see on social media, often following "influencers" on Instagram and TikTok.
Buying Pinterest - the online scrapbook and photo-sharing platform - would allow PayPal to capture more of that e-commerce growth and diversify its income though advertising revenue.
One of the sources said PayPal – which did well during the health crisis as more people shopped from home - has offered $70 per share, mostly in stock, for the online scrapbook…
Adding that PayPal hopes to announce a deal by the time it reports quarterly earnings on Nov. 8.
PayPal and Pinterest did not respond to requests for comment.
PayPal's shares fell over 4% on the news, while Pinterest rose more than 14%.