After PayPal sent out a new policy that announced large fines for users who spread “misinformation,” the online payment company’s stock took a tumble on Monday.
In the midst of heavy criticism, the company claimed the new policy was sent out “in error.”
PayPal had updated its acceptable use policy effective Nov. 3, Mediaite reported Saturday.
The new AUP prohibited users from “the sending, posting, or publication of any messages, content, or materials that, in PayPal’s sole discretion, (a) are harmful, obscene, harassing, or objectionable … are fraudulent, promote misinformation, or are unlawful.”
It said any user who violated these terms could be fined up to $2,500 per violation, with the money possibly coming out of the user’s PayPal balance.
The idea prompted a fierce backlash across social media.