(Dmytro “Henry” Aleksandrov, Headline USA) Financial technology company PayPal announced on Tuesday that it will fire about 2,000 of its employees, which is 7% of its whole workforce, as the payment processing service faces what they call a “challenging macroeconomic environment,” or “get woke – go broke” in non–Orwellian language.
“These reductions will occur over the coming weeks, with some organizations impacted more than others,” PayPal president and CEO Dan Schulman wrote in his statement.
However, Schulman did not specify what areas of the company may be facing the biggest cutbacks. According to the Post Millennial, PayPal, which was ranked 143 on the 2022 Fortune 500 list of the largest American corporations by revenue, also owns payment processors Venmo, Xoom, e-commerce coupon tool Honey and other brands.
However, despite its high ranking, the shares of PayPal dropped about 53% in just last year.
In his statement, Schulman added that, for the company to recover from people stopping using the app due to PayPal’s woke policies, a lot of work needs to be done.
“Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macroeconomic environment while continuing to invest to meet our customers’ needs,” he said.
“While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do.”
The news of the layoffs came along with the rumors that Elon Musk plans to add payment processing to Twitter, which would hurt PayPal even more, with more conservatives and moderates replacing PayPal with a new alternative.
On Monday, the Financial Times reported that Musk previously expressed his interest in Twitter offering services like peer-to-peer transactions, savings accounts and debit cards because he wants to turn Twitter into an “everything app.”
In November, Twitter “registered with the US Treasury as a payments processor” and has also now begun to apply for some of the necessary state licenses, according to the publication.
“The day Twitter can process payments is the day I ditch PayPal forever,” commentator Collin Rugg wrote on Twitter.
Industry insiders claim one of the major reasons why PayPal was forced into layoffs was because of backlash from when it implemented a policy that would allow PayPal to fine its users $2,500 for spreading the so-called “misinformation,” taking the money directly from their bank accounts. This resulted in PayPal apologizing, trying to bribe its users so they wouldn’t leave the app and even sneakily re-adding the policy.
The company is also infamous for banning multiple conservatives and pushing far-left talking points down the people’s throats.
