Stock prices for PayPal took a sharp nose dive of more than 5 percent Monday morning after a report came out from the Daily Wire exposing the company’s policy to try and fine users $2,500 for spreading “misinformation” through the platform.
And, of course, the diehard liberals who run Paypal are the ones who get to determine what, exactly, “misinformation” is, so yeah, basically anything that contradicts the progressive agenda.
According to the Daily Wire report:
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, along with the company’s reversal, came just days after PayPal canceled three accounts that were linked to Toby Young, a commentator who is the head of a British organization called the Free Speech Union. The group has defended various clients including comedian Russell Brand, who decided to move his show to Rumble from YouTube as a reaction to the censorship of the latter.
“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,” the report said.
“It’s hard for me to openly criticize a company I used to love and gave so much to,” Marcus went on to say in a post on social media, making the argument that the now nixed policy update “goes against everything I believe in.”
And if that’s not ridiculous enough, PayPal also struck out at a group called Gays Against Groomers, an organization that opposes the sexualization of kids, and 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,” the Daily Wire reported.
There have been quite a few major corporations who have become notorious for censoring the voices of conservative individuals and groups concerning their positions on social issues such as transgenderism, homosexuality, and vaccines. Some of these companies include Amazon, Twitter, and Facebook among others.
Even GoFundMe went major woke when they decided to seize the funds that were raised for truckers protesting in Canada earlier in the year. Google followed suit when they started 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, who serves as a senior program officer at the Foundation for Individual Rights and Expression, stated in a comment made to 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.”
Censorship is an evil that threatens the fabric of a free society. If a culture is prevented from openly sharing its thoughts, feelings, ideas, and beliefs, there will be no true progress. Which is ironic, given that the individuals who call themselves “progressives” want to silence those who disagree with them, which leads to the opposite of actual progress. It causes stagnation and even regression.
But the question that remains is how in the world we get people to understand this truth?