Users will be fined up to $2500 for spreading error messages, and PayPal urgently calls for a stop.

Sina Science and Technology News Beijing time on October 11, PayPal said on Monday that it will not fine users for spreading wrong information. PayPal had previously announced a new policy, saying customers would be fined up to $2500 (about 17825 yuan) at a time for spreading misinformation, but now PayPal has changed its tune, saying the policy update was a mistake.

After the announcement of the penalty policy, social media was outraged and PayPal's shares tumbled nearly 6 per cent. PayPal urgently put out the fire and issued a statement saying it had no intention of punishing users for spreading misinformation, and the company was deeply sorry for the confusion caused.

Last week, media reported that PayPal had released a policy update that would prohibit users from using PayPal services to spread misinformation. The new policy also says that if customers violate the law, they will be fined up to $2500 for each violation, and will take effect on November 3.

David Marcus, the former president of PayPal, attacked the new policy on Twitter, saying it "runs counter to what I believe." Marcus added: "as a private company, if it disagrees with something you say, it can take your money." Musk replied to Marcus's tweet, saying he agreed with this view.