PayPal, Inc. PYPL was forced to withdraw a proposed policy change from which $2,500 would have been deducted those customers who spread misinformation.
That financial services company plans to expand its existing list of prohibited activities on Nov. 3 to include sending, posting, or publishing any message, content, or material that promotes misinformation or poses a risk to the safety or well-being of users, according to the Daily Wire reported citing a company announcement. The new policy also aimed to prevent users from promoting hate violence, racist or other discriminatory forms of intolerance.
Criticism grows: Customers took to social media to express opposition to the proposed policy change. David Markformer PayPal President, took to Twitter to slam the company.
“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,” Marcus said.
“A private company can decide to take your money if you say something they disagree with. Crazy,” he added.
Passing by the $andst7 handle, another Twitter user tweeted a message about the new policy, saying, “Concerning. That’s why we need them X platform more than ever.”
He was referring to a new platform Tesla, Inc. TSLA chairman Elon Musk had proposed to float when the deal to buy Twitter, Inc. TWTR does not come about.
Musk chimed in with a 100 emoji, showing his full support for the sentiment.
💯
— Elon Musk (@elonmusk) October 8, 2022
By the way, Musk has a PayPal connection. Confinity, founded by Peter Thiel, Luke Nasek, Max Levchin and Ken Howery In 1998 he developed a product called PayPal and launched it a few months before founding an online banking company called X.com. The two companies later merged under the X.com name and then changed the name to PayPal, which was later acquired by eBay, Inc. EBAY.
A few other Twitter users said they are canceling their PayPal…
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