PayPal Reverses Course on “Misinformation” Policy After Losing $6B
(LibertySociety.com) – In the days following the October 7 announcement by the Daily Wire about PayPal’s policy change regarding “misinformation, the number of people googling “delete PayPal” increased by around 1,300%. After the outlet exposed the alteration to the policy, the financial service company said the guidelines were published by mistake and apologized for any “confusion.”
Unfortunately for PayPal, the reversal came too late. Its stock fell 6% at market close on October 10, resulting in a market capitalization loss of more than $6 billion.
"PayPal, which has deplatformed multiple entities and commentators for their political and social views, had unveiled an upcoming change to its acceptable use policy…"https://t.co/0lE6rY28Lr
— Daily Wire (@realDailyWire) October 11, 2022
The change to the organization’s policy originally focused on banning what it deemed to be false information, “hate, violence,” or anything “discriminatory.” PayPal said it would fine offenders $2,500, taking the money right out of user accounts for each violation. The former president of the company, David Marcus, and co-founder Elon Musk spoke out following the release of the new policy. Marcus said the changes represented the complete opposite of his beliefs.
The platform recently booted off multiple accounts, including centered on free speech, and fined another which promotes keeping children safe from groomers.
Do you think PayPal changed its policy by mistake, or do you feel the organization is trying to backpedal because the company lost value in the stock market?
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