(Mark Pellin, Headline USA) PayPal’s desperate attempts to walk back a plan to fine users up to $2,500 for what the company would deem to be “misinformation” did little to help avert a crash in share prices when markets opened this week.
The financial services company, which has been previously criticized for de-platforming organizations and individuals for their political views, announced that the policy change was an error. Investors weren’t impressed.
The company’s stock dropped upwards of 6% on Monday, reported Markets Insider, largely in response to a flood of users cancelling their accounts after PayPal allegedly botched the launch of its so-called acceptable use policy that slipped in the possibility of $2,500 fines for users who posted alleged “misinformation.”
“An AUP notice recently went out in error that included incorrect information,” a company mouthpiece told the Epoch Times after the news went viral.
“PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.” a PayPal spokesperson told the Epoch Times in an email. “Our teams are working to correct our policy pages. We’re sorry for the confusion this has caused.”
“Well, well… looks like PayPal spread misinformation about itself,” cracked Gov. Ron DeSantis comms chief Christina Pushaw. “Maybe they should pay a $2,500 fine to all of us?”
No one accidentally publishes a policy where they steal $2,500 every time they say you spread misinformation or hurt the feelings of the pronoun brigade. They plan to do this when they know they can get away with it. Cancel your PayPal & Venmo accounts (they own Venmo). https://t.co/QYzTAxq0qZ
— Robby Starbuck (@robbystarbuck) October 9, 2022
“I sucked it up when my pp card was declined in a gun shop,” tweeted one fed-up PayPal customer. “I was silent when My Pillow was cancelled. I soon forgot they seized donations for the Canadian Truckers. For them to have the audacity to even think they can censor me is the last straw!”
— Chuck Nospam (@ChuckNospam) October 9, 2022
The hit PayPal took on Wall Street on Monday exacerbated its 4% drop from the previous Friday when the botched “misinformation” debacle debuted.
The stock is down more than 50% year-to-date, and is down 72% from its record high, according to Markets Insider.
So @PayPal will not fine you but will ban, de-platform, and censor you for “misinformation”?
— Tom Fitton (@TomFitton) October 9, 2022