Payment service PayPal apologized for publishing a policy change that would subject users to $2,500 for “misinformation.”
The company, in a widely reported statement, 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,
which also owns the Venmo payment service, did not respond to a request for comment.
David Marcus, previously the president of PayPal, took to Twitter to criticize the company, to which prospective Twitter
TWTR,
buyer and Tesla
TSLA,
CEO Elon Musk simply said, “agreed.”
“BoycottPayPal” was a trending topic on Twitter over the weekend.
PayPal shares slumped over 4% on Friday and have dropped 52% this year. PayPal shares slipped 1% in early premarket trade.
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.
