: PayPal apologizes for policy notice saying users could face $2,500 fines for misinformation


Payment service PayPal apologized for publishing a policy change that would subject users to $2,500 for “misinformation.”

The company said it had published an acceptable use policy, or AUP, in error, and that “PayPal is not fining people for misinformation and the language was never intended to be inserted into our policy.”

PayPal PYPL, -5.69%, which also owns the Venmo payment service, did not respond to other questions from MarketWatch.

PayPal’s stock dropped 6% in early trade and has now slumped 55% this year.

David Marcus, previously the president of PayPal, took to Twitter to criticize the company, to which prospective Twitter TWTR, +2.81% buyer and Tesla TSLA, -0.07% CEO Elon Musk simply said, “agreed.”

“BoycottPayPal” was a trending topic on Twitter over the weekend.

The PayPal controversy is one of many which have riled up conservatives who feel they are unfairly targeted by big technology companies. GoFundMe, for instance, seized donations in support of Canadian truckers’ protest over COVID policy.

Privacy has been cited as a major concern as the Federal Reserve evaluates whether to create a central bank digital currency.

Related Articles


Your email address will not be published. Required fields are marked *