PayPal has recently worked back its new policy that customers pay $2500 for “misinformation” as the former president said the strategy put the company in bad light.
Recalled, last week, PayPal published a policy update allowing the company to fine users who risk the well-being of others, or “spread misinformation,” as identified by PayPal Holdings Inc. The new policy was supposed to take effect starting November 3 and permitted PayPal to take up to $2,500 from users’ accounts.
It is believed, according to recent report, that PayPal’s attempts to curb speech they deem dangerous or “wrong” can sometimes result in the censorship of legitimate discourse.
According to PayPal’s former president David Marcus, in a tweet, the new regulations go “against everything I believe in.”
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. A private company now gets to decide to take your money if you say something they disagree with. Insanity. https://t.co/Gzf8faChUb
— David Marcus (@davidmarcus) October 8, 2022
In response, on Monday, PayPal backtracked on the policy, with a spokesman claiming in a statement to Bloomberg News that the update was made in error.
“An AUP notice recently 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.”
PayPal has since deleted the language from its user agreement
