PayPal Says It Never Intended to Fine for ‘Misinformation’ Days After Drawing Criticism for User Agreement


 


PayPal controversy was also seized upon by conservative politicians and social media personalities.


After receiving criticism for releasing a revised user agreement indicating such a scheme, PayPal Holdings stated that it had no intention of fining users for disseminating false information.

The issue gained traction over the weekend after the company released policy updates prohibiting users from using the PayPal service for actions the company defines as "the sending, posting, or publication of any messages, content, or materials" promoting false information. The updated Acceptable Use Policy will take effect on November 3 and was published on the company's website over the weekend. The update states that each infraction might result in a fine of $2,500 (about Rs. 2,06,000).



A PayPal spokeswoman told Bloomberg News that the message contained "incorrect information." "PayPal never intended for this terminology to be used to impose fines on users for spreading false information,"  be inserted in our policy.”

The company's shares experienced their worst intraday decrease since July 26 as they dropped as high as 5.3 percent to $85.43 (almost Rs. 7,000). They decreased 4.7 percent to $85.90 (about Rs. 8,000) in New York this morning.



Former firm executives were outraged by the initial notification, including David Marcus, who served as PayPal's president from 2012 to 2014. Marcus referred to the action as "insanity" on Twitter. Elon Musk, the CEO of Tesla and a co-founder of the platform, tweeted that he agreed with Marcus.

Conservative viewpoints have long been ostracised by right-wing politicians in the US, with social media juggernauts like Twitter and Meta Platforms drawing the greatest criticism. Musk, who is seeking to buy Twitter for $44 billion (about Rs. 3,62,500 crore), has said that free speech will be prioritised on the network after criticising its treatment of individuals like artist Kanye West and former President Donald J. Trump.


Progressives have supported Republican calls for greater regulation of big tech, but current ideas requiring platforms to protect user privacy and security have mainly failed as Congress prioritises other issues.

Conservative politicians and social media figures also leapt on the PayPal controversy, urging people to terminate their PayPal accounts. Prior to the company's statement, Tim Scott, a Republican senator from South Carolina, indicated that his office would investigate the policy's legality and take whatever necessary steps to put an end to such "corporate activism."

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