World News
PayPal apologizes for policy notice saying users could face $2,500 fines for misinformation
Payment service PayPal apologized for publishing a policy change that would subject users to $2,500 for “misinformation.”
The company said it had published an acceptable use policy, or AUP, in error, and that “PayPal is not fining people for misinformation and the language was never intended to be inserted into our policy.”
PayPal , which also owns the Venmo payment service, did not respond to other questions from MarketWatch.
Maybe I should just give up and start a farming business. You invest and hope to grow but rather keep getting hit by blocks to revenue streams. This august I lost access to monetisation on .@facebook and now .@PayPal too has come up with yet another pic.twitter.com/jPHn3gs5w5
— Ameyaw Debrah (@AmeyawDebrah) September 23, 2022
PayPal’s stock dropped 6% in early trade and has now slumped 55% this year.
David Marcus, previously the president of PayPal, took to Twitter to criticize the company, to which prospective Twitter buyer and Tesla CEO Elon Musk simply said, “agreed.”
It’s hard for me to openly criticize a company I used to love and gave so much to. But @PayPal’s new AUP goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with. Insanity. https://t.co/Gzf8faChUb
— David Marcus (@davidmarcus) October 8, 2022
“BoycottPayPal” was a trending topic on Twitter over the weekend.
Agreed
— Elon Musk (@elonmusk) October 8, 2022
The PayPal controversy is one of many which have riled up conservatives who feel they are unfairly targeted by big technology companies. GoFundMe, for instance, seized donations in support of Canadian truckers’ protest over COVID policy.
Privacy has been cited as a major concern as the Federal Reserve evaluates whether to create a central bank digital currency.
All i do is take payment for promotions. What risk can that pose to customers? Pure nonsense @PayPal @AskPayPal #PayPal pic.twitter.com/3P73BSYuz0
— Ameyaw Debrah (@AmeyawDebrah) October 1, 2022
