PayPal, Inc. (NASDAQ: NASDAQ:PYPL) was forced to withdraw a proposed policy change that would have deducted $2,500 from those customers who spread misinformation.
The financial services company planned to expand its existing list of prohibited activities on Nov. 3 to include the sending, posting, or publication of any messages, content or materials that promote misinformation or present a risk to user safety or wellbeing, the Daily Wire reported, citing a company communication. The new policy also sought to prevent users from promoting hate violence, racial or other forms of intolerance that is discriminatory.
Criticism Mounts: Customers took to social media to voice opposition to the proposed policy change. David Marcus, former PayPal president, took to Twitter to slam the company.
"It is 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," Marcus said.
"A private company gets to decide to take your money if you say something they disagree. Insanity," he added.
Another Twitter user going by the handle $andst7 quote-tweeted a news story on the new policy and said, "Worrying. That's why we need the X platform more than ever."
He was referring to a new platform Tesla, Inc. (NASDAQ: TSLA (NASDAQ:TSLA)) CEO Elon Musk had proposed to float if the deal to buy Twitter, Inc. (NYSE: TWTR) doesn't materialize.
Musk chimed in with a 100 emoji, indicating his full support for the sentiment.