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Paypal headquarters in San Jose, Calif., on April 9, 2018. (Justin
Sullivan/Getty Images)
Economy


PAYPAL STOCK PLUNGES DESPITE PULLING CONTROVERSIAL POLICY FINING USERS $2,500
FOR ‘MISINFORMATION’

By Jack Phillips
Jack Phillips
Breaking News Reporter
Jack Phillips is a breaking news reporter at The Epoch Times based in New York.
View profile
Follow
October 10, 2022 Updated: October 10, 2022
biggersmaller
Print
0:003:06

1



PayPal’s stock dropped more than 6 percentage points on Monday after reports
emerged that the firm may attempt to fine people $2,500 for spreading
“misinformation” via the platform.

Over the weekend, the company told The Epoch Times that “PayPal is not fining
people for misinformation and this language was never intended to be inserted in
our policy,” adding, “An [acceptable use policy] notice recently went out in
error that included incorrect information,” the statement said.

But before, the firm had expanded its policy to prohibit “the sending, posting,
or publication of any messages, content, or materials” that “promote
misinformation” or “present a risk to user safety or wellbeing.”

Individuals who violated the policy could face a fine of $2,500 taken from their
PayPal account for each violation. That policy was supposed to go into effect
on Nov. 3.

Users were directed to PayPal’s user agreement, which states in part that PayPal
can take a number of actions if users participate in restricted activities, such
as holding their money in balance indefinitely. It also says that “you will be
liable to PayPal for the amount of PayPal’s damages caused by your violation of
the Acceptable Use Policy” at the amount of $2,500 per violation.

That money will cover internal administrative costs for PayPal to monitor and
track violations and damage to PayPal’s brand, among other costs, according to
the agreement.


CRITICISM

Former high-level executives at PayPal sharply criticized the policy.

“A private company now gets to decide to take your money if you say something
they disagree with. Insanity,” former PayPal President David Marcus wrote on
Twitter.

Elon Musk, the head of Telsa who co-founded PayPal decades ago, said that he
“agreed” with Marcus’s Twitter post.

Over the weekend, users on Twitter called for a boycott of PayPal and users
indicated that they stopped using the payment company’s services. After PayPal’s
mea culpa, critics of the firm did not appear convinced that the policy was
issued in error.

Dan Held, the former chief of growth marketing for cryptocurrency exchange
Kraken, wrote that users should delete accounts with the payment services
provider.

“PayPal freezing funds for thought crimes is despicable,” he wrote over the
weekend.

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, PayPal banned a group named “Gays Against Groomers” that some
LGBT activists claimed to be a “hate group.”

The Epoch Times has contacted PayPal for comment.

Zachary Stieber contributed to this report.

Jack Phillips
Breaking News Reporter
Follow
Jack Phillips is a breaking news reporter at The Epoch Times based in New York.




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