Elon Musk opposes PayPal over its unbanking practices

Dec 18, 2022

“PayPal Mafia” criticized PayPal for its unbanking policies despite its penchant for cryptocurrency.

PayPal is a leading online banking platform, which was an early concept of Tesla CEO Elon Musk with X.com. Later, the merger of x.com became PayPal. PayPal always stays strict to follow its safety and security guidelines, in order to maintain trust among customers. In 2020, the company also added support for Bitcoin and a few other flagship crypto assets to buy support. MetaMask recently added support for PayPal users to deposit funds to their MetaMask wallet with the help of PayPal accounts.

On December 14, an argument began between members of the “PayPal Mafia”, a group of former employees of technology companies. Most of the PayPal mafia members criticized PayPal for its crucial banking services, which are very strict for PayPal users, including banning users and freezing funds for its public statement of free speech.

Peter Thiel, co-founder of PayPal, said that PayPal is now moving away from its initial goal, which was to make it easy for people to bank. He explained that Paypal keeps people away from the power of money online.

“If you freeze the online forms of your money, that's like destroying people financially, limiting their ability to exercise their political voice,” Thiel said.

David Sacks, PayPal's first COO, also spoke about this with The Free Press (TFP) and criticized the leadership of current CEO Dan Schulman.

Sacks said:

“It's a symbiotic relationship: he implements his agenda, and in return, they give him prizes, and that promotes advancement on the corporate totem of woke capitalism.”

Elon Musk, CEO of multiple technology companies such as Tesla, SpaceX, Twitter, etc., responded to this news against PayPal and calls this situation a black mirror episode.

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