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    Elon Musk: ‘PayPal has become a Black Mirror episode’

    By Darius McQuaid

    Edited by Charlie Mellor

    12:46, 14 December 2022

    Elon Musk attends the 2022 Met Gala Celebrating
    Elon Musk has likened PayPal to the dystopian TV series following claims users have been banned by the firm – Photo: Getty Images

    Elon Musk, one of the co-founders of PayPal (PYPL), has accused the US online payments business of becoming “a Black Mirror episode” following reports the business has been banning users.

    Musk, CEO of Twitter, SpaceX and Tesla (TSLA), tweeted his criticism that the company was like the dystopian TV series created by Charlie Brooker in response to an article in The Free Press that highlighted PayPal’s policy of deplatforming some of its clients.

    Another PayPal co-founder Peter Thiel, who was the company’s CEO until 2002, described the recent debanking policies of PayPal as “totalitarian”. He told The Free Press:

    “If the online forms of your money are frozen, that’s like destroying people economically, limiting their ability to exercise their political voice. There’s something about destroying people economically that seems like a far more totalitarian thing.”

    According to the article, banned users received an email that told them: “You can no longer do business with PayPal.” The email continued:

    “We decided to permanently limit your account as there was a change in your business model or your business model was considered risky.”

    The email concluded: “You’ll not be able to conduct any further business using PayPal.” Prohibited users were also informed PayPal would hold their account’s funds for 180 days after which it would email them with information on how to access their funds.

    The article reported PayPal had not revealed how many accounts it has suspended or banned.

    Despite Capital.com’s request for a comment from the PayPal team, there was no immediate response from the company.

    Founding COO criticises current CEO

    David Sacks, the founding chief operating officer (COO) of PayPal, also voiced his criticism of the company’s present CEO, Daniel Schulman. Sacks said: “The CEO has got like every woke award you can win.

    DOGE/USD

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    “It’s a symbiotic relationship, he implements their agenda and in exchange they give him awards, and that furthers advancement up the corporate totem pole of woke capitalism.”

    PayPal has shut down accounts linked to news website Consortium News; the Free Speech Union; and lockdown sceptic blog The Daily Sceptic.

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    PayPal is seen as a crypto friendly platform

    In August 2021, PayPal launched its cryptocurrency service which enabled customers in the UK to buy, hold and sell cryptocurrencies.

    The company confirmed that customers can choose from four cryptocurrencies – bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH) – and could purchase as little as £1 of cryptocurrency via their PayPal accounts.

    Also, in January 2022 Jose Fernandez da Ponte, senior vice-president of crypto and digital currencies at PayPal, told Bloomberg “We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with the relevant regulators.”

    The payment company’s exploration of a stablecoin was discovered by developer Steve Moser. He found hidden code and images in PayPal’s iPhone app that indicated the company was working on a stablecoin.

    The PayPal Coin will be pegged to the US dollar.

    Markets in this article

    BCH/USD
    Bitcoin Cash / USD
    497.30 USD
    -11.8 -2.320%
    BTC/USD
    Bitcoin / USD
    96263.45 USD
    -1805.7 -1.840%
    ETH/USD
    Ethereum / USD
    3315.03 USD
    -106.84 -3.120%
    LTC/USD
    Litecoin / USD
    94.32 USD
    -5.81 -5.820%
    PYPL
    PayPal Holdings (Extended Hours)
    86.85 USD
    1.81 +2.140%

    Related topics

    #Litecoin #Ethereum #Bitcoin Cash #Cryptocurrency #Bitcoin

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    The difference between trading assets and CFDs
    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
    You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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    Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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