![]() ![]() “Famous faces, including Elon Musk, have been in agreement that the new policy is misguided.”Ī spike in searches on Google meant that the online company were keen to cease using the service altogether. “Many posts can be seen highlighting the issue that PayPal announced they could deduct $2,500 straight from your account for misinformation, with hundreds of people suggesting closing their accounts to avoid this penalty. A spokesperson for Financial World commented on the findings: “PayPal has received backlash from their announcement, which was quickly retracted. ![]() READ MORE: Mum stole £100,000 from employer to fund Instagram lifestyleĪnalysis by Financial World found that worldwide Google searches for the phrase "delete PayPal" and "cancel PayPal" saw massive spikes following the news. Shares in the company fell nearly 6% after the update. PayPal were going to introduce the new policy on November 3. A spokesperson for the company stated: “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.” The fine was set to be rolled out next month until PayPal made a screeching U-turn on the plan.Īccording to the Mirror, Google searches for the phrase "delete PayPal " skyrocketed by 1,392% in the wake of the controversy. Paypal is facing a huge backlash after the online payment service said it would fine users up to $2,500 (roughly £2,261.24) for spreading misinformation. ![]()
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