Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

PayPal Walks Back, Apologizes for AUP Change That Drew Criticism from Elon Musk and David Marcus

Published 10/10/2022, 09:06 AM
Updated 10/10/2022, 09:11 AM
© Reuters PayPal Walks Back, Apologizes for AUP Change That Drew Criticism from Elon Musk and David Marcus

By Senad Karaahmetovic

In response to widespread criticism the company received for its policy change, PayPal (NASDAQ:PYPL) walked back on a published policy that foresaw fining users $2,500 for spreading “misinformation.”

The company’s former CEO David Marcus blasted PYPL on Twitter after the fintech giant updated its policy to allow itself to withdraw funds from accounts of users who spread misinformation.

“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,” he said Saturday.

“A private company now gets to decide to take your money if you say something they disagree with. Insanity.”

Elon Musk replied, “Agreed,” in a comment. The backlash got so fierce that "BoycottPayPal" was a trending topic on Twitter over the weekend.

PayPal is now backtracking as the acceptable use policy (AUP) notice “went out in error that included incorrect information.”

“PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. Our teams are working to correct our policy pages. We’re sorry for the confusion this has caused,” a spokesperson told National Review in a written statement.

PayPal shares are down nearly 4% in pre-open Monday.

 
 

Latest comments

So is PayPal admitting their policy update was actually "misinformation"? They just lifted their skirt for what will creep in later when no one is paying attention? The predatory behavior looks to be in PayPal's culture. I say SELL BABY SELL!
The written thought police strike again. Like all woke nonsense, this one is still in the cradle. Give it a few more years and it will be a fully grown monster child.
I agree that PayPal was in the wrong! they quickly reversed their asinine policy! but if people quit investing in companies that are so woke anymore? *****we wouldn't invest in any of them hardly look at Coca-Cola! don't see Warren Buffett dumping his stock and Coca-Cola that's the most woke corporation on the planet!this will be forgotten in about a week regarding PayPal!
They really want a social credit system like they have in China.
Lots of people closing accounts (myself included) - see Wallstreetsilver on Reddit.  They are testing the waters for Social Credit Scores.. It was no mistake.
Correct, no one is buying that a policy reviewed by tens of lawyers was in any way a 'mistake'.
PayPal is still closing accounts of people whose opinions they don't like. Just a NoGo in my book. Will close my account.
This is opposed by people across the political spectrum. It also would have been highly illegal.
I closed my PayPal account yesterday. They got Woke and I hope they go broke.
no one cares
 Apparently you care enough to tell me nobody cares.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.