PayPal tried to get sneaky, but all they got was exposed.
The company that aggressively deplatforms commentators or groups that go against PayPal’s political leanings and tried to slip in an update to its acceptable use policy that would fine promoters of “misinformation” up to $2,500 had it blow up in their face.
The Daily Wire broke the news of the story, and the market reacted and punished PayPal.
Shares fell more than 5% and wiped $6 billion of PayPal’s value as many investors were as angry as users about their plan. Thousands of users had posted messages on social media that they would cancel their service after learning the plan to fine people with conservative political views.
Former PayPal President David Marcus even ripped the company.
“It’s hard for me to openly criticize a company I used to love and gave so much to, but this goes against everything I believe in.”
Astonishingly, PayPal has sanctioned in the past Gays Against Groomers, a group that opposes the sexualization of children.
The move that ticked many people off was the cancellation of Toby Young’s three PayPal accounts. He’s a commentator that runs the nonprofit Free Speech Union. Toby has been in trouble with PayPal for defending comedian Russell Brand among others.
It hasn’t been a glorious year for PayPal. The $6 billion drop in value was a pittance to February 2, when their stock closed 24% down, their worst trading day ever.
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