Rumor: Ebay PayPal In Talks To Buy Square Inc.

EBay Inc.'s EBAY rumored effort to acquire mobile payments company Square Inc. got quickly shot down Tuesday by Square Chief Executive Jack Dorsey via a tweet. https://twitter.com/jack The latest rumor reported Tuesday by the Web site Bank Innovation said eBay's PalPal unit was in early stages of merger talks described as "serious" with Square. http://bankinnovation.net/2014/10/paypal-is-in-early-talks-to-acquire-square/ Merger talks were also rumored in April with the likes of Google Inc. GOOGL as well as Apple AAPL and Ebay. As recently as last month, Square was rumored to have turned down an overture from Apple, which is set to launch a service that will compete with Square. Square faces growing competition from Apple Inc. AAPL, Amazon Inc. AMZN and eBay Inc.'s PayPal unit, and has recently said it will dabble in making home deliveries for restaurants. Launched in 2009 by Dorsey, a co-founder of Twitter Inc. TWTR, Square has burned through vast amounts of cash in search of elusive profit. Square recently raised a reported $150 million in a placement of unregistered shares, and the company is reportedly valued at around $6 billion. Ebay expects to spin off its PayPal unit to shareholders at some point next year.