PayPal (NASDAQ: PYPL)
It has been reported that PayPal (NASDAQ: PYPL) has reversed a policy that would have resulted in users being fined $2,500 for disseminating disinformation. This is a move that has caused a firestorm on social media. As a result, PayPal stock declined in the market.
According to a story published not so long ago by National Review, the payments giant said that the policy modification was released “in mistake.”
As a result of the fast reversal of the disinformation provision, which has now been rescinded, David Marcus, the previous president of PayPal (NASDAQ: PYPL), and several other individuals have criticized the firm through social media.
“It is difficult for me to publicly criticize a firm that I once loved and to which I have contributed so much. But the new Acceptable Use Policy from PayPal (NASDAQ: PYPL) goes against everything I stand for. If you say anything that a private firm finds offensive, they now have the right to determine whether or not to accept your money. Insanity, “Over the weekend, Marcus blogged about it on his Twitter account.
Elon Musk, the CEO of Tesla (TSLA), responded to Marcus’ tweet by saying he “agreed” with it.
The revised Acceptable Use Policy, which seems to have been sent by mistake, has an effective date of November 3 this year. According to the study, this would have meant that PayPal (NASDAQ: PYPL) list of prohibited actions would have been broadened to include “the sending, uploading, or publication of any communications, content, or materials” that “promotes falsehood.”
Seeking Alpha reached out to PayPal stock for comment but did not get a prompt response from the company.
PayPal stock fell by 3.5% in premarket trade, adding to its roughly 65% decline over the previous year.
In June, PayPal stock changed the fee structure for payments for goods and services.
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PayPal stock fell after the company said it would no longer enforce a policy that would have penalized customers for providing inaccurate information.
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Author Shariq Khan 
