PayPal Holdings has no intention of fining customers for spreading “misinformation,” Bloomberg News reported Monday, after a new user agreement outlining such a plan from the digital payments giant was met with strong backlash.
PayPal published policy updates prohibiting customers from using its services for activities it identified as “sending, posting or publishing any message, content or material” promoting misinformation, the report said, citing a company statement.
The new policy was set to take effect on November 3, threatening customers with a $2,500 fine for each violation, the report added.
PayPal shares fell nearly 6%.
Former PayPal president David Marcus criticized the policy in a tweet on Saturday, saying the new policy “goes against everything I believe in.”
“A private company can now decide to take your money if you say something they don’t agree with. madness” Marcus tweeted.
Elon Musk, the billionaire Tesla boss who co-founded PayPal, tweeted “Agreed” in response to Marcus’ tweet.
PayPal did not immediately respond to a Reuters request for comment.
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