PayPal’s Pinterest pass

PayPal is not pursuing an acquisition of Pinterest at this time, the digital payments company said on Monday, after several media last week reported on its talks to buy the digital pinboard site for as much as $45 billion.

The latest development is a blow for Pinterest, which is currently grappling with the twin challenges of losing its co-founder Evan Sharp and a slowdown in user growth that has hampered its future prospects.

The allure of Pinterest shareholders getting some of the payment giant’s stock is now off the table, as is the prospect of getting access to PayPal’s massive user base.

In Monday trading, PayPal shares rose 4 percent, while Pinterest fell nearly 13 percent.