Pinterest's stock jumped on Wednesday morning after it was reported that PayPal was in talks to buy the social media business.

The company's stock originally rose in response to the announcement, but was then halted owing to high volatility. It then resumed trading at a premium of more than 15%. When the company's stock was halted for the second time, it was up more than 9%. Meanwhile, PayPal's stock dropped more than 3% in response to the news.

Pinterest Has a New Code of Conduct All Users Have to Follow

PayPal has explored acquiring Pinterest for a price of roughly $70 per share, valuing the firm at around $39 billion. On Tuesday, Pinterest stock closed at $55.58 per share.