Pinterest tumbles and PayPal soars after payments firm said it won’t bid for art-selling network

In premarket trade, PayPal Holdings PYPL, -1.16% rallied and Pinterest PINS, -5.36% tumbled after the payments firm said it wouldn’t bid for the art-sharing social network. In a terse statement, PayPal said “that it is not pursuing an acquisition of Pinterest at this time.” PayPal shares jumped 6% while Pinterest fell 10%. Bloomberg had reported PayPal’s interest in buying Pinterest last week.

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