(Republicaninformer.com)- Following a subsequent stock market selloff, many PayPal customers canceled their accounts, causing PayPal to lose $6 billion in worth. According to an interview CEO Dan Schulman gave to the World Economic Forum published months earlier, he has traditionally prioritized advancing social problems above maximizing financial gain.
In other words, he would rather see the company go broke than not be woke.
After weakening the company, Schulman is now resigning.
He added, “I’m happy about what we’ve done at PayPal, and of the tremendously brilliant and dedicated individuals I deal with every day. Together, we have redefined financial services and e-commerce to enhance our consumers’ financial well-being. Every day, PayPal helps its users and communities, and the business is well-positioned for the future.”
Schulman, who following a brief term as American Express’ business development president, was appointed the company’s chief executive in 2014.
He stated that he would leave PayPal at the end of the calendar year.
Schulman, who will stay on the board of directors of the firm, said that he wanted to spend more time pursuing his “passions outside of the office.”
The retirement comes months after PayPal announced a change to its acceptable use policy that would have prohibited the promotion of “misinformation” as well as “hate, violence, racial or other forms of intolerance that is discriminatory.”
PayPal has deplatformed numerous organizations and commentators for their political views.
“Trust goes much beyond whether you provide a top-notch item or service. Doing that is crucial, but it’s insufficient, according to Schulman, who presently sits on the International Business Council and Board of Governors of the World Economic Forum. Schulman believes your goal and values should be apparent and that you stand for more than simply making a profit if you want to be a business that people can trust. He feels you should advocate for major social concerns and take the appropriate actions to improve the world.
The World Economic Forum is a prominent supporter of stakeholder capitalism, an investment strategy that urges executives to consider the needs of employees, communities, and other parties in addition to shareholders and the use of corporate power to further political agendas in the global economy.