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.”
Afterwards, 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.