Daily Wire: PayPal Stock PLUMMETS After Company Exposed For Wanting To Fine Users $2.5K For ‘Misinformation’
According to a breaking report from The Daily Wire, PayPal’s stock has plummeted after the company was exposed for wanting to fine users $2,500 over so-called “misinformation.”
In case you missed it, the internet erupted with backlash towards PayPal over the weekend after it announced new conditions will be added to the restricted activity section of the PayPal User agreement.
These changes included prohibitions on “the sending, posting, or publication of any messages, content, or materials” that “promote misinformation.”
PayPal quickly walked back this announcement, claiming it was said “in error.”
“An [Accepted Use Policy] notice recently went out in error that included incorrect information,” said a company spokesperson.
“PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. We’re sorry for the confusion this has caused,” he continued.
After the stock market opened on Monday, it’s clear that users were not buying this claim from PayPal. As share prices dropped more than 5% according to The Daily Wire.
More from the outlet:
PayPal’s value fell nearly $6 billion as backlash mounted. The company’s stock closed at $90.18 on Friday afternoon and was trading at $85.40 soon after the market opened on Monday — roughly a 5.3% decline as thousands of social media users reacting to The Daily Wire story over the weekend announced that they would cancel their accounts.
The Dow Jones Industrial Average remained flat while the technology-heavy Nasdaq fell 0.7% since Friday.
Customers balked as PayPal said users found in violation of the new policy could be liable for “damages,” including the removal of $2,500 “debited directly from your PayPal account” per offense, with cases deliberated at the “sole discretion” of the company.
Before posting its initial story, The Daily Wire reached out to PayPal for definitions of the added terms but received no response.
In short: users are not believing PayPal’s shameless walk back.
There are various other examples of the company censoring and sanctioning users over claims of misinformation and the promotion of “hate, violence, racial or other forms of intolerance that is discriminatory.”
Per the Daily Wire: The company has already sanctioned Gays Against Groomers, a group that opposes the sexualization of children, as well as evolutionary biologist Colin Wright and journalist Ian Miles Cheong.
Users – who have had enough – are rightfully deleting their accounts and moving their money elsewhere.
Just moved all money I had in my PayPal account out of it. And I very must suggest you do the same.
This is serious.
— Candace Owens (@RealCandaceO) October 8, 2022
Even Elon Musk, co-founder of PayPal, chimed in on the lunacy:
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
We are seeing more and more of this sort of thing where Americans are leaving woke corporations in search of alternatives that will not censor conservatives or those that go against the mainstream narrative due to political correctness.
For example: “Platforms such as Amazon, Twitter, and Facebook have censored conservatives over their positions on controversial social issues, including transgenderism, vaccination mandates, and homosexuality,” the Daily Wire reported.
“GoFundMe seized millions in funds raised for trucker protests in Canada earlier this year, while Google recently began suppressing search results for crisis pregnancy centers,” it added.
It’s hard to imagine this chilling announcement from PayPal about stealing $2,500 from users was made by accident.
As this tanking share price shows that the quick reversal from PayPal was likely more of a reaction to the massive blowback and loss of users than any sort of “error.”
In other words, Americans are finally paying attention.
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