Elon Musk Slams PayPal’s ‘New Policy’ to Fine Users

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PayPal issued a new policy update prohibiting users of its services from engaging in actions it defined as “sending, publishing, or publication of any messages, content, or materials” disseminating misleading information. Learn more

According to reports, the policy change, which stated that users could be required to pay charges of $2,500 for every breach, was set to take effect on November 3.

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[{"selector":"#anim-ac70a9bb-3fd8-4828-b92e-2b64b2df0321 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] After the backlash a number of well-known people, including the company’s former president, David Marcus, PayPal hastily apologized for what it termed “confusion” and claimed it was all just an oversight.

David Marcus, the former President of PayPal, criticized the new policy change on Twitter, noting that it runs against everything he believes in.

[{"selector":"#anim-abff8c84-bf16-4e74-ba64-9428b2988c70 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Elon Musk, the co-founder of PayPal and the CEO of Tesla also criticized the policy and responded “Agreed” in response to Marcus’s tweet.

[{"selector":"#anim-40181ed5-4b4a-444c-b54a-bce287e25cca [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] According to Google Trends data, global searches for “delete PayPal” increased by 1,392% after the update revelation and the company’s subsequent apologies. Learn more

Recently, Paypal also banned Gay Against Groomers, a group of LGBT individuals opposed to the sexualization and gender transformation of minor children.

[{"selector":"#anim-6be0826d-40d4-438c-8676-5d21c7f40911 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This year was very controversial for Paypal. This year, PayPal's shares have already lost more than half of their value.

Elon Musk Slams PayPal’s ‘New Policy’ to Fine Users

According to reports, the policy change, which stated that users could be required to pay charges of $2,500 for every breach, was set to take effect on November 3.

David Marcus, the former President of PayPal, criticized the new policy change on Twitter, noting that it runs against everything he believes in.

Recently, Paypal also banned Gay Against Groomers, a group of LGBT individuals opposed to the sexualization and gender transformation of minor children.

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