PayPal Value Down $6 Billion
‘Delete PayPal’ Searches Soar 1,300%
The updated policy prohibits users from using PayPal for activities that:
“Involve the sending, posting, or publication of any messages, content, or materials that, in PayPal’s sole discretion, (a) are harmful, obscene, harassing, or objectionable … (e) depict, promote, or incite hatred or discrimination of protected groups or of individuals or groups based on protected characteristics (e.g. race, religion, gender or gender identity, sexual orientation, etc.) … (g) are fraudulent, promote misinformation … or (i) are otherwise unfit for publication.”
This was taken up by The Daily Wire on the 7th of October reaching a wider audience helping the #BoycottPaypal hashtag to go viral.
Not On The Beeb was defunded by Paypal in early June.
The NOTB founder Mark Playne had his personal accounts, alongside other unrelated business accounts taken down as well.
The push to #boycottpaypal started when in September Paypal targeted Toby Young's Free Speech Union.
Toby didn't take this lying down and soon garnered mainstream media attention.
See Toby Young's introductory video to the Free Speech Union here
PAYPAL SHARES PLUMMET
By Ben Zeisloft
Google searches for phrases such as “delete Paypal” were soaring as much as 1,300% days after a report from The Daily Wire highlighted the company’s attempt to penalize users $2,500 for spreading “misinformation” through the platform.
PayPal, which has deplatformed multiple entities and commentators for their political and social views, had unveiled an upcoming change 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.” Within one day of The Daily ire breaking news of the policy change, PayPal claimed that the new guidelines were published “in error” and apologized “for the confusion this has caused.”
PayPal trended on Twitter over the weekend as thousands of customers expressed their disdain for the policy on social media and announced that they intended to cancel their accounts. Google searches for phrases such as “how to cancel PayPal” were still trending as of Monday morning, according to an analysis of Google Trends data from MarketWatch. The phrase “delete PayPal” surged 1,392% after the acceptable use policy announcement and retraction.
Customers reacted strongly as PayPal said users found in violation of the new policy could be liable for “damages,” including the removal of $2,500 “debited directly from your PayPal account” per offense, with cases deliberated at the “sole discretion” of the company. Before posting its initial story, The Daily Wire contacted PayPal for definitions of the added terms but received no reply.
The company’s stock price fell more than 6% on Monday as the intense backlash appeared to spook investors, causing PayPal to lose over $6 billion in market capitalization. Shares closed at $84.52 on Monday, marking a 6.3% decline from $90.18 on Friday. In comparison, the Dow Jones Industrial Average fell 0.3% and the technology-heavy Nasdaq fell 1% as of market close.
Among the individuals who criticized 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.”
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.
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,” while the company’s British subsidiary still sports the banner.
Platforms such as Amazon, Twitter, and Facebook have sanctioned conservatives over their positions on controversial social issues, including transgenderism, vaccination mandates, and homosexuality. GoFundMe seized millions in funds raised for trucker protests in Canada earlier this year, while Google recently began suppressing search results for crisis pregnancy centers.
TOBY YOUNG opening introduction to the Free Speech Union
As a member, we’ll invite you to “speakeasies” (social events in pubs) and offer you discounted tickets to FSU debates. You’ll also receive regular newsletters updating you on the work we’re doing to defend free speech. In addition, members may be defended by the FSU if they are penalised for exercising their legal right to free speech.
For instance, if you find yourself being targeted by a digital outrage mob on social media for having exercised your legal right to free speech, we may mobilise an army of supporters. If a petition is launched calling for you to be fired, when you’ve done nothing other than exercise your legal right to free speech, we may help you organise a counter-petition.
If you’re no-platformed by a university, we’ll encourage you to fight back and members of our advisory councils may be able to tell you what remedies are available to you. If you’re a student or an academic being investigated by your university for breaching a speech code, we may take up your case with the university. If you’re punished by your employer because you’ve exercised your lawful right to free speech, we’ll do our best to provide you with assistance or refer you to specialists who can help.
You will also have access to the bespoke legal expenses insurance policy set up by Keystone Legal specially for FSU members. Some membership benefits are discretionary, such as pro bono legal advice, pro bono media/PR advice, public support and campaigning, and will be conferred at the discretion of the Free Speech Union, depending on the case and the broader interests of the Union.
To qualify for the concessionary rate you must be either 16 or over and enrolled at an educational institution, 65 or over, or on benefits. If you fall outside those categories—or fall within them but can afford to pay more—please apply for full membership. The concessionary rate is also available for overseas members, but they won’t have access to the legal insurance scheme or specialist legal and media/PR support. Residents of the United States aren’t eligible.