Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

PayPal Says It Never Intended to Fine Users for ‘Misinformation’

Share

PayPal Holdings said it has no intention of fining customers for spreading misinformation, after attracting criticism for publishing a new user agreement outlining such a plan.

The issue gained traction over the weekend after the company published policy updates prohibiting users from using the PayPal service for activities identified by the company as “the sending, posting, or publication of any messages, content, or materials” promoting misinformation, in an Acceptable Use Policy due to kick in on November 3. A penalty of $2,500 (nearly Rs. 2,06,000) could be imposed for each violation,” according to the update.

The notice included “incorrect information,” a spokesperson for PayPal said in a statement to Bloomberg News. “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.”

Shares of the company tumbled as much as 5.3 percent to $85.43 (nearly Rs. 7,000), the biggest intraday decline since July 26. They dropped 4.7 percent to $85.90 (nearly Rs. 8,000) today morning in New York.

The original notice attracted the ire of former leaders at the company, including David Marcus, the president of PayPal from 2012 to 2014, who called such a move “insanity” on Twitter. Tesla Chief Executive Officer Elon Musk, who co-founded the platform, said he agreed with Marcus in a tweet.

Right-wing politicians in the US have long accused major tech firms of censoring conservative voices, with social media giants such as Twitter and Meta Platforms attracting the most ire. Musk, who is offering to buy Twitter for $44 billion (nearly Rs. 3,62,500 crore), has said he will prioritise free speech on the platform, after criticizing its treatment of personalities including former President Donald J Trump and rapper Kanye West.

While Republican calls for more regulation of big tech has found support among some progressives, current proposals requiring platforms to safeguard user privacy and security have largely faltered as Congress pursues other priorities.

The PayPal controversy was also seized upon by conservative politicians and social media personalities, who called on users to delete their PayPal accounts. Tim Scott, a Republican senator from South Carolina, said before the firm’s statement that his office will look into the validity of the policy and take any necessary action to stop such “corporate activism.”


Affiliate links may be automatically generated – see our ethics statement for details.