Social Media Firm Pinterest to be Bought by Microsoft: Report

CIOReviewIndia Team | Friday, 12 February 2021, 04:06 IST

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According to Financial Times, Microsoft tried to buy the social media firm Pinterest after which it witnessed an increase of 5 percent shares on Thursday.

This would have been Microsoft’s largest acquisition with $51 billion, however, the Financial Times’ sources confirmed that talks are currently not active.

On Pinterest platform, users typically pin images, adding to their visual wish-lists for personal hobbies or interest of any occation.

Pinterest market increased over 600 percent during the course of the pandemic as investors could not get a chance to acquire with Pinterest’s fast growth in revenue and users.

While people continuing their online time spends, the 11 year old company added a record 100 million daily active users to its platform in 2020.

Furthermore, Pinterest’s revenue increased with 76 percent to $706 million for the quarter that ended in December, handily beating analyst expectations by $58 million.

Pinterest’s shares closed at $81.12 on Wednesday, however, trading around $84.96 per share were traded in early trading Thursday.

Microsoft last tried to acquire a social company in 2020 when it was in the running for buying the US operations of ByteDance’s TikTok. It got dismissed eventually.

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