Elon Musk Fires Back at PayPal’s ‘Insane’ Policy to Seize $2,500 from Users
Seize $ If It Disagrees with Their Beliefs
BECKER NEWS
PayPal’s new user agreement to seize $2,500 from users if the company deems that someone is guilty of spreading ‘misinformation’ or offending other people has drawn the attention of one prominent tech billionaire: Elon Musk.
According to the DailyWire, “The new policy update from PayPal will permit the firm to sanction users who advance purported ‘misinformation’ or present risks to user ‘wellbeing’ with fines of up to $2,500 per offense.”
“The financial services company, which has repeatedly deplatformed organizations and individual commentators for their political views, will expand its ‘existing list of prohibited activities’ on November 3,” the report added. “Among the changes are prohibitions on ‘the sending, posting, or publication of any messages, content, or materials’ that ‘promote misinformation’ or ‘present a risk to user safety or wellbeing.’ Users are also barred from ‘the promotion of hate, violence, racial or other forms of intolerance that is discriminatory’.”
Disturbingly, these criteria are entirely subjective and violate basic principles of due process and free speech. The policy would apply to actions taken using PayPal’s platform.
The fund seizures would be made at the “sole discretion” of PayPal, which would unilaterally inflict purported “damages” — including the withdrawal of $2,500 “debited directly from your PayPal account” per each offense.
PayPal’s policy has caused a wave of outraged users who are promptly canceling their accounts or terminating their digital banking relationships with the firm.
Seriously, close your PayPal account immediately if they don’t reverse this today. https://t.co/5FGG6LLTT5
— Scott Adams (@ScottAdamsSays) October 8, 2022
“Seriously, close your PayPal account immediately if they don’t reverse this today,” Scott Adams noted on a Jack Posobiec tweet.
One user made a sound point that “misinformation” does not even include intent to deceive or defraud. It could be an honest mistake.
Misinformation is when you say something untrue, but didn’t realise it was untrue when you said it.
Zero intent to deceive.
So what PayPal are saying is, make any honest mistake we don’t like, and we will have your money.
Sounds like the mob.
— Johnny (@PJBienfu) October 8, 2022
While others simply canceled PayPal before the company could ‘cancel’ their funds.
— Big Booty Breakfast Taco (@katbritton08) October 8, 2022
David Marcus, cofounder of Bitcoin-based company LightSpark, and a former manager of Facebook/Meta digital transactions weighed in.
It’s 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. A private company now gets to decide to take your money if you say something they disagree with. Insanity. https://t.co/Gzf8faChUb
— David Marcus (@davidmarcus) October 8, 2022
Elon Musk stated that he “agreed.”
Agreed
— Elon Musk (@elonmusk) October 8, 2022
PayPal’s egregious violation of user trust and basic principles of a free society is triggering a mass exodus from the company, which also owns Venmo.
The tech company’s new user terms are not only a betrayal of their users, but also their stockholders. PayPal’s stock is already down 4.5% and fallling.
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PayPal Reacts:
PayPal Releases Urgent Statement Amid Massive Blowback to Policy Fining Users $2,500 Per Offense for ‘Misinformation’
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(TLB) published this article from Becker News as compiled and written by Kyle Becker
Header featured image (edited) credit: Must/PayPal cell phone/orginal BN article
Emphasis added by (TLB) editors
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Just cancelled both my PayPal and Venmo accounts yesterday. When will these arrogant a-hole elite CEO’s learn that it only takes one stupid edict to torpedo their multi-billion dollar company? F this company and their dangerous totalitarian policies; have fun going broke and/or being sued by your shareholders for violating your fiduciary duty to them!
I quit Paypal a couple of years ago when they woke somebody, cant remember the exact details, but it pissed me off. Everybody else, you are way late to the party.