Why PayPal Stock Was Down This Afternoon
Shares of PayPal Holdings (NASDAQ: PYPL) were down 6% as of 1:19 p.m. ET on Monday after a backlash over a new policy update. For context, the S&P 500 index was also down more than 1% earlier this afternoon before rallying.
Apparently, PayPal had issued a policy change that would fine users $2,500 for spreading "misinformation." The company issued a correction that it is not fining users for misinformation and never intended to do so.
The negative publicity comes as PayPal is struggling to regain its mojo after reporting slowing growth over the last year. The stock has fallen 55% year to date. The question remains if this episode will have any lasting impact on the brand.
Source Fool.com
