PayPal’s stock dropped more than 6 percentage points on Monday after reports emerged that the firm would fine people $2,500 for spreading “misinformation” via the platform, beginning on November 3, 2022.
Breaking Digest reported that PayPal has since reversed the new policy, claiming that the amendment was distributed “in error.”
“An AUP notice was recently distributed in error that contained inaccurate information.” PayPal does not fine anyone for providing incorrect information, and this statement was never meant to be included in our policy. Our teams are working hard to update our policy pages. “We apologize for any confusion this has caused,” a spokeswoman said in a written response to National Review.
The course reversal came after the policy changes drew media scrutiny as well as massive backlash on Twitter. Former PayPal CEO David Marcus even chastised the firm for implying that it could confiscate consumers’ funds if it found their opinions disagreeable.
“It’s difficult for me to openly criticize a corporation that I used to adore and to which I gave so much.” “However, @PayPal’s new AUP contradicts everything I believe in,” the cryptocurrency entrepreneur stated on Saturday. “A private corporation can now choose whether or not to take your money if you say something they disagree with.” Insanity.”
Over the weekend, many Twitter users called for a boycott of PayPal, with some users indicating that they had already canceled their accounts.
As of Monday morning trading, the San Jose, California-based firm’s stock slumped 5.5 percent. It’s down more than 50 percent in 2022.
Several weeks ago, the company deplatformed Gays Against Groomers, a group of LGBT+ identified persons who oppose the sexualization, indoctrination and medicalization of minors. The organization was denied access to PayPal and its affiliate, Venmo.
