Following backlash over its policy to fine customers $2,500, PayPal Holdings Inc has backtracked, stating that the statement in its policy was an error on the part of the company.
PayPal had come under criticism for planning to fine customers $2,500 for spreading what it deems as “misinformation” about the company starting from November 3, 2022.
The fine was included in its updated policy, but the company co-founded by World’s richest man, Elon Musk, has now stated that it was erroneously inserted in the policy.
During the weekend, its former President, David Marcus, tweeted that such decision was insane, and it goes against everything he believes in, an opinion Musk agreed with as well.
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Musk simply wrote “Agreed” in response to Marcus’ tweet, “A private company now gets to decide to take your money if you say something they disagree with. Insanity.”
With negative reactions trailing the firm, PayPal spokesperson denied the company intends to fine its customers, despite the policy clearly stating that customers are prohibited from using its services for “sending, posting, or publication of any messages, content, or materials” promoting misinformation.
“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.”
At the end of Monday’s trading, PayPal’s share price was down -6.26%, wiping off N4.77 trillion ($6.53 billion) from its market capitalisation.
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