PayPal Stock Plummets After Daily Wire Report Exposes Shocking ‘Misinformation’ Policy | Eastern North Carolina Now | Share prices for PayPal dropped more than 5% on Monday morning after a report from The Daily Wire highlighted the firm’s attempt to fine users $2,500 for spreading “misinformation” through the platform.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Share prices for PayPal dropped more than 5% on Monday morning after a report from The Daily Wire highlighted the firm's attempt to fine users $2,500 for spreading "misinformation" through the platform.

    The financial services company, which has repeatedly deplatformed organizations and commentators for their political views, had announced a forthcoming update to its acceptable use policy that would have banned the promotion of "misinformation," as well as "hate, violence, racial or other forms of intolerance that is discriminatory." Within one day of The Daily Wire breaking news of the policy change, PayPal claimed that the new guidelines were published "in error" and apologized "for the confusion this has caused."

    PayPal's value fell nearly $6 billion as backlash mounted. The company's stock closed at $90.18 on Friday afternoon and was trading at $85.40 soon after the market opened on Monday - roughly a 5.3% decline as thousands of social media users reacting to The Daily Wire story over the weekend announced that they would cancel their accounts. The Dow Jones Industrial Average remained flat while the technology-heavy Nasdaq fell 0.7% since Friday.

    Customers balked as PayPal said users found in violation of the new policy could be liable for "damages," including the removal of $2,500 "debited directly from your PayPal account" per offense, with cases deliberated at the "sole discretion" of the company. Before posting its initial story, The Daily Wire reached out to PayPal for definitions of the added terms but received no response.

    The announcement and reversal occurred days after PayPal canceled three accounts linked to Toby Young, a commentator who runs a British nonprofit called Free Speech Union. The organization has defended clients such as actor and comedian Russell Brand, who recently moved his show from YouTube to Rumble in reaction to censorship from the former platform.

    Among the individuals who rebuked PayPal over the policy were a number of lawmakers, commentators, and investors, as well as former PayPal President David Marcus and PayPal co-founder Elon Musk. "It's hard for me to openly criticize a company I used to love and gave so much to," Marcus said on social media, arguing that the nixed policy update "goes against everything I believe in."

    PayPal has also sanctioned Gays Against Groomers, a group that opposes the sexualization of children, as well as evolutionary biologist Colin Wright. The company featured a rainbow-colored banner on its social media platforms during the month of June affirming that it is "open for all," and the company's British subsidiary still sports the banner.

    Platforms such as Amazon, Twitter, and Facebook have censored conservatives over their positions on controversial social issues, including transgenderism, vaccination mandates, and homosexuality. GoFundMe seized millions in funds raised for trucker protests in Canada earlier this year, while Google recently began suppressing search results for crisis pregnancy centers.

    "Under existing law, PayPal has the ability as a private company to implement this type of viewpoint-discriminatory policy," Aaron Terr, a senior program officer at the Foundation for Individual Rights and Expression, told The Daily Wire last week. "Whatever motivation PayPal has for establishing these vague new categories of prohibited expression, they will almost certainly have a severe chilling effect on users' speech. As is often the case with ill-defined and viewpoint-discriminatory speech codes, those with unpopular or minority viewpoints will likely bear the brunt of these restrictions."

poll#128
Where do you stand on the wanton censorship by Big Tech Platforms, while retaining their Section 230 carveout indemnifying them for Slander /Defamation lawsuits and Copyright infringements?
  Big Tech Platforms have the right to Censor all speech providing they voluntarily relinquish their Section 230 Carveout.
  Big Tech Platforms DO NOT have the right to Censor any speech, while retaining multiple indemnifications by virtue of the Section 230 Carveout.
  I know nothing of this 230 talk, but "I do love me some social media".
398 total vote(s)     What's your Opinion?

Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Putin Unleashes Fierce Border-To-Border Missile Blitz On Ukraine Following Bridge Attack Daily Wire, Guest Editorial, Editorials, Op-Ed & Politics Twin Daughters Of NY Gov. Hopeful Lee Zeldin Hid As Shooting Unfolded Outside Home


HbAD0

Latest Op-Ed & Politics

According to reports from across the country, the number of individuals in the country who are libertarian and libertarian-curious is declining. Experts attribute this decline to the rise of "drag queen story hour."
Pfizer is planning to quadruple the price of its COVID vaccine as the federal government’s program to purchase the doses comes to a close.
Today the North Carolina Department of Commerce released September county-level unemployment data for the state, revealing a decrease in unemployment rates for 99 of North Carolina’s 100 counties. Only Warren County saw an increase in its unemployment rate.

HbAD1

The number of active duty military suicides decreased last year, according to a Department of Defense (DOD) report issued Thursday.
According to sources, a kindly middle-aged father began bullying his family during a casual game of Mario Kart 8 Deluxe this week. Police were called to the scene after a neighbor became distressed over the sound of wailing and gnashing of teeth coming from the family's home.
TikTok’s parent company in China reportedly planned to use the platform to track the location of specific American citizens.
As of Halloween morning, 1,160,747 ballots have been accepted in the N.C. 2022 midterms, and Democrats are seeing a 3.54% reduction in their usual early-voting advantage.
A fellow “briefcase girl” from the show “Deal or No Deal” suggested that Meghan Markle lied when she claimed that the show provided “stations” where various “briefcase girls” could have their bras stuffed.
Billionaire Elon Musk will reportedly gut Twitter with massive cuts when he takes over, getting rid of the overwhelming majority of the company.

HbAD2

Your family may say they want you over for Thanksgiving because they love you, but it's obviously a trap. They're going to ambush you with alternative facts that make Biden look bad.

HbAD3

 
Back to Top