Why Pinterest Shares Dipped Today

Pinterest Inc. (NYSE:PINS) shares are trading sharply lower after PayPal (NASDAQ:PYPL) announced it is not pursuing an acquisition of Pinterest at this time. Recently, there had been reports regarding a potential $45 billion deal between the two companies.
Pinterest Inc. is an image sharing and social media service designed to enable the saving and discovery of information on the internet using images, GIFs and videos in the form of pinboards.
At the time of publication, shares of Pinterest Inc. were trading 12.1% lower at $51.04. The stock has a 52-week low of $48.57 and a 52-week high of $89.90.