Asian Tech Press (OCT 21) -- According to people familiar with the matter, PayPal is set to acquire social media company Pinterest, with negotiations already in the final stages. If it goes through, it will be the largest acquisition in the social media industry to date and heralds closer cooperation between fintech and social media platforms in the e-commerce sector.

PayPal's move could reap greater benefits from this wave of e-commerce growth and diversify revenue through advertising. Sources said that PayPal offers to acquire Pinterest for $70 per share.

Analysts at Wedbush stated that if Pinterest's social commerce platform and Honey's artificial intelligence can be integrated into PayPal's target applications, the merger will significantly positively impact PayPal's merchant and consumer platforms.

Both parties have yet to respond to the news. PayPal shares fell 4.9%, closing at $258.36, while Pinterest shares rose 12.8%, reaching $62.68.