PayPal stock is plummeting after they initially said they would deduct $2,500 if that person spreads misinformation. The reaction was swift and people started deleting their accounts. In the past year, PayPal’s stock price reached $273.51. Today the stock market shows that its stock is now at $85.31. Because of the huge demand to cancel their account, PayPal reversed its position and called it a mistake and was not to be taken seriously.
Even so, people continued to cancel their accounts. Now, instead of being able to cancel your account, you get a message to contact customer service. They are undoubtedly doing this so that they can talk you out of it. There is a lesson in this. If you go Woke, You go broke. You cannot set yourself up to be against free speech and expect the people to just grovel and obey the elitists.
The recent controversy has cratered PayPal stock, causing its value to drop nearly $6 billion in total. It is hard to say just how far it will drop, but I hope it is a lot. PayPal has a nasty habit of canceling accounts based on their political beliefs. This is just another example of a company punishing you for rejecting liberal policies. This no longer looks like the government the Founding Fathers laid out for us.
Aaron Terr, a senior program officer at the Foundation for Individual Rights and Expression said:
“Under existing law, PayPal has the ability as a private company to implement this type of viewpoint-discriminatory policy. “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.”
PayPal misjudged its account holder’s willingness to fall in line with the liberal agenda and people are voting with their wallets and switching to other sites such as Gusto. No company should be able to seize your money just because it can. I’m no lawyer, but I would think this money grab would have been illegal.
The announcement and reversal occurred days after PayPal canceled three accounts linked to Toby Young, a commentator who runs a British nonprofit called Free Speech Union. The organization has defended clients such as actor and comedian Russell Brand, who recently moved his show from YouTube to Rumble in reaction to censorship from the former platform.
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. “It’s hard for me to openly criticize a company I used to love and gave so much to,” Marcus said on social media, arguing that the nixed policy update “goes against everything I believe in.”
PayPal has also sanctioned Gays Against Groomers, a group that opposes the sexualization of children, as well as 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.
This action from account holders seems to be a wake-up call and the cancelations will continue for a few weeks as people find an alternative to PayPal. It is hard to say 3hat the final outcome will be for PayPal, but it does not look good from here. But, will it cause PayPal to quit canceling the accounts of its customers? Only time will tell.