PayPal Holdings Inc PYPL shares are trading lower Monday following reports the company could charge users $2,500 for spreading misinformation.
PayPal reportedly updated its acceptable use policy to include a clause noting that $2,500 could be "debited directly from your PayPal account" if users violate new rules related to prohibited activities.
Following backlash from users and outrage from the FinTwit community, PayPal said the policy change was an error.
"An AUP notice recently went out in error that included incorrect information. PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. Our teams are working to correct our policy pages. We're sorry for the confusion this has caused," a PayPal spokesperson said.
Related Link: PayPal Says Plan To Charge Customers $2,500 For Misinformation Was An 'Error'; Elon Musk, Former Executives Slam Company
PYPL Price Action: PayPal has a 52-week high of $196.09 and a 52-week low of $67.58.
The stock was down 3.48% at $87.03 at time of publication, according to Benzinga Pro.
Photo: courtesy of PayPal.
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