PayPal lays off 2,500 workers one week after CEO announces 'new chapter'

Business Insider ^ | 30 January 2024 | Paul Squire

[woodbutcher1963]

The only downside is that IF these layoffs are all in San Jose, CA there will be more DUMB AS F#CK liberals moving out and going to ID, TX, AZ or some other RED state.

[glorgau]

Unless you are in the c-suite, watch out when that “right sizing” phrase starts to get bandied about.

[Vermont Lt]

The stock market these days is kind of a misnomer. More people own stocks today than ever-mostly through 401(k)s. But the market indexes are buoyed by a few, large, tech companies. MOST stocks are barely above pre COVID levels.

I never trust a politician who points to a narrow index (like the Dow) and claims that it represents the entire economy, and they had anything to do about it. That goes for pols from the right or left.

All this talk about a soft landing is, I believe, premature. I guess we will find out soon enough.

[Degaston]

Can we please stop talking about so-called financial platforms that interject themselves into politics and advocate censorship? That subject belongs on the Ancient History Channel. Reputable financial platforms don’t do things like that. As soon as I saw them doing that I transfered my money out & bye bye forever.

[Ikeon]

wasn’t paypal bought by eBay? another good idea gone to hell with fees and intrusive bank account info needed to sell anything.

[Ikeon]

I remember when ebay was just private sellers and you had to sell the seller a check and they would send you the item. 1990’s.

[George from New England]

Many have found bitcoin is the answer to global money transfers.

[George from New England]

Ebay is a problem when it comes to state sales taxes.
Alot of what I buy is solar interface equipment — exempt from state sales tax in Florida. I’ll be damned if I’m giving ebay personal info so they don’t collect the tax.
bye bye ebay.

[woodbutcher1963]

It was a great way to buy parts back in beginning. I recall buying a couple carburetors for a hedge trimmer and snow blower off of EBAY. Then paying with Paypal. The problem was there were a lot of Chinese knock off stuff on there. It was before they listed where the product was shipping from.

[SecondAmendment]

> What corporation isn’t these days?

Bingo !

Big business is no longer about maximizing profits for its shareholders, it's about promulgating a leftist world view.

Corporations that fail to tow the ideological line are destroyed by analysts bad mouthing their stock, bad press, de-banking, "stockholder" lawfare, and constant interference from a multitude of alphabet soup regulatory agencies.

[Wilderness Conservative]

I wonder if changing their TOS to allow them to fine you for incorrect speech has anything to do with this. My account was 1 of many thousands that got closed because of it.

[Living Free in NH]

Something one never sees, but should:

Company lays off CEO and all board members due to poor management.

[daniel1212]

https://fourweekmba.com/who-owns-venmo/

[SaveFerris]

(When EBAY first started it was the ONLY way you could BUY and SELL and get paid.)

And the screws have been slowly tightening on BUY and SELL.

All according to plan. Just wait until National Digital Currency becomes Global Digital Currency.

There will be NO way to escape it. Not even the rich with their gold 🪙 and silver and whatever other barter items they may have (though that might work for a short while).

Even Poshmark for women is being tracked.

The world 🌎🌍 is implementing such control at a rapid rate. COVID-19(84) showed what TPTB will do with such control. (for the thread)

And they will be deceived by the False Prophet and the False Messiah Antichrist





(lurkers please click on my screen name to see my FR homepage for more information)

[cableguymn]

eBay is just following your state’s laws.

[John Milner]

Can we get a list of these poor former employees so we can Zelle or Venmo them some relief?

[lowbridge]

I uses to work for my father, selling antique guns and swords over the internet for him. I used PayPal to accept payments.

The stuff I sold were completely legal. Though I didn’t know it at the time, PayPal had a TOS (who reads those long winded things?) rule against using their service to collect payments for guns and swords. So, when I received payment for a 19th century Japanese pistol for 700 dollars, that’s when they decided to freeze my funds, telling me that my account is banned and I can retrieve the funds in 6 months.

I did some research and discovered that when PayPal wanted to freeze your funds, they waited until you had a huge amount of dollars in your account before they pulled the trigger. No one was complaining, “PayPal froze my account, but I have only 20 dollars (or nothing) in my account”. No. People were complaining how they had hundreds or thousands of dollars frozen.

I called PayPal and asked a customer service representative if there was any time when they froze the account for 6 months, did they ever let the funds go earlier than that. The rep said no.

I complained in an email to PayPal about their practice and TOS, asking how come it’s wrong for me to collect money through their system for the purchases weapons, but it was OK for them to collect interest from those same funds (which no doubt they were doing). Later that day I got an email response telling me I have a 48 hour window to withdraw my funds. Which I did.

[lowbridge]

I used to work for my father, selling antique guns and swords over the internet for him. I used PayPal to accept payments.

The stuff I sold were completely legal. Though I didn’t know it at the time, PayPal had a TOS (who reads those long winded things?) rule against using their service to collect payments for guns and swords. So, when I received payment for a 19th century Japanese pistol for 700 dollars, that’s when they decided to freeze my funds, telling me that my account is banned and I can retrieve the funds in 6 months.

I did some research and discovered that when PayPal wanted to freeze your funds, they waited until you had a huge amount of dollars in your account before they pulled the trigger. No one was complaining, “PayPal froze my account, but I have only 20 dollars (or nothing) in my account”. No. People were complaining how they had hundreds or thousands of dollars frozen.

I called PayPal and asked a customer service representative if there was any time when they froze the account for 6 months, did they ever let the funds go earlier than that. The rep said no.

I complained in an email to PayPal about their practice and TOS, asking how come it’s wrong for me to collect money through their system for the purchases weapons, but it was OK for them to collect interest from those same funds (which no doubt they were doing). Later that day I got an email response telling me I have a 48 hour window to withdraw my funds. Which I did.

[catnipman]

“wasn’t paypal bought by eBay?”

yep ...

[SauronOfMordor]

Something one never sees, but should: Company lays off CEO and all board members due to poor management.

Something that used to be more common: hostile takeovers. Then the government, at the behest of company managements, enacted regs to make it harder.