![]() The company is at a crossroads after co-founder Evan Sharp announced last week he would step down as chief creative officer to join LoveFrom, a firm led by Jony Ive, the designer of many Apple Inc products. ![]() Pinterest was valued at about $13 billion when it went public in 2019. Pinterest also saw a huge spike in users looking for crafts and DIY project ideas, as lockdown curbs kept people at home.Īs lockdowns eased, Pinterest has warned about slowing user growth, especially in the United States, its largest market. Its shares have risen about 36 per cent in the last 12 months, giving it a market capitalisation of nearly $320 billion. The payments behemoth was among the big winners of the COVID-19 pandemic, as more people used its services to shop online and pay bills to avoid stepping out. “(The) combination would be a significant positive for PayPal’s ongoing monetization initiatives on both sides of its merchant and consumer platforms, especially if Pinterest’s social commerce platform gets integrated with Honey’s AI into PayPal’s destination app,” Wedbush analysts wrote in a note. ![]() PayPal’s shares fell over 4 per cent on the news, while Pinterest rose more than 14 per cent to $63.51. PayPal’s offer represents a 26 per cent premium to Pinterest’s closing price of $55.58 on Tuesday. Bloomberg News first reported on the PayPal-Pinterest talks on Wednesday. PayPal and Pinterest did not respond to requests for comment. They asked not to be identified because the matter is confidential, reports Reuters. The sources cautioned that no deal was certain and terms could change. The online payments provider hopes to successfully negotiate and announce a deal by the time it reports quarterly earnings on Nov. PayPal has offered $70 per share, mostly in stock, for Pinterest, one of the sources said. Buying Pinterest would allow PayPal to capture more of that e-commerce growth and diversify its income through advertising revenue. The deal talks come as internet shoppers increasingly buy items they see on social media, often following “influencers” on platforms such as Instagram and TikTok. PayPal Holdings Inc has offered to buy digital pinboard site Pinterest Inc for $45 billion, people familiar with the matter said on Wednesday, a combination that could herald more tie-ups between financial technology and social media companies in e-ecommerce. Other brands in the Exor portfolio include Italian football team Juventus, Italian media conglomerate Gedi, Chinese luxury fashion label Shang Xia, and Britain’s The Economist Group collectively they could offer a wide range of possibilities for design innovation.Įxor additionally announced that Ive would join its Partners Council, an annual forum that ‘draws on the experience, expertise and insights of a group of highly successful Exor friends and partners to share ideas and explore potential business opportunities’.FILE PHOTO: The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. LoveFrom’s next stepsīeyond the Ferrari collaboration, ‘LoveFrom will explore a range of creative projects with Exor in the business of luxury’, says the announcement, fuelling speculation about next steps. An ambitious brand diversification project rolled out earlier this year, with a fashion collection overseen by Rocco Iannone, formerly of Pal Zileri, and a new flagship store in Maranello, Italy, by Sybarite. In 2017, it celebrated its 70th anniversary with a blockbuster exhibition ‘Under the Skin’, with 3D design by Patricia Urquiola while the following year saw the publication of a monograph, published by Taschen and enclosed in an aluminium engine-inspired case designed by Newson. The Ferrari partnership follows a flurry of high-profile design collaborations by the carmaker. We see some uniquely exciting opportunities of working together.’ Terra Carta Design Lab announced by Jony Ive and HRH Prince CharlesĪdd Ive and Newson: ‘As Ferrari owners and collectors, we could not be more excited about collaborating with this extraordinary company, and in particular with the design team, expertly led by Flavio Manzoni.
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