Fines Musk Criticized Were Published by Mistake
PayPal Holdings Inc. said it has no intention of fining customers for spreading misinformation
After attracting criticism for publishing a new user agreement outlining such a plan
The issue gained traction over the weekend after the company published policy updates prohibiting users from using the PayPal service.
Promoting misinformation, in an Acceptable Use Policy due to kick in on Nov. 3.
A penalty of
could be imposed for each violation, according to the update.
The notice included “incorrect information,” a spokesperson for PayPal said in a statement to Bloomberg News.
“PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.”
Shares of the company tumbled as much as 5.3% to $85.43, the biggest intraday decline since July 26. They dropped 4.7% to $85.90 at 9:48 a.m. in New York.
Tesla Chief Executive Officer Elon Musk, who co-founded the platform, said he agreed with Marcus in a tweet.
Right-wing politicians in the US have long accused major tech firms of censoring conservative voices, with social media giants such as Twitter Inc. and Meta Platforms Inc.