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Shares of the San Jose, California-based company were down
nearly 6% after the update, which PayPal said "included
incorrect information", sparked intense backlash on social media
over the weekend.
"PayPal is not fining people for misinformation and this
language was never intended to be inserted in our policy. We're
sorry for the confusion this has caused," a spokesperson for the
company said.
According to several media reports last week, PayPal had
published a policy update prohibiting customers from using its
services for activities identified by it as "sending, posting,
or publication of any messages, content, or materials" promoting
misinformation.
The new policy, which said customers could have to pay damages
of $2,500 for each violation, was supposed to go into effect on
Nov. 3, the reports said.
PayPal's former president David Marcus slammed the policy in a
tweet on Saturday, saying the new policy "goes against
everything I believe in".
"A private company now gets to decide to take your money if you
say something they disagree with. Insanity" Marcus tweeted.
Elon Musk, the billionaire Tesla Inc chief who co-founded
PayPal, tweeted "Agreed", replying to Marcus's tweet.
PayPal's clarification was earlier reported by Bloomberg News.
(Reporting by Niket Nishant and Manya Saini in Bengaluru;
Editing by Shinjini Ganguli)
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