LAS VEGAS, NV— American entrepreneur Peter Thiel, co-founder and former CEO of PayPal says if he was still running the company, legal transactions involving firearms would be permitted through its online service. Thiel appeared before attendees at the libertarian oriented Freedom Fest at Planet Hollywood Saturday, when he debated Whole Foods CEO John Mackey.
“They wouldn’t be doing that if I was still running it,” Thiel said when asked by The Daily Caller.
PayPal’s policy on transactions that involve firearms “prohibit all account holders from buying or selling any type of firearm and certain firearm parts and ammunition.”
As a result of PayPal’s restrictive mandate, online firearm auction sites like gunbroker.com are banned from using PayPal’s services. PayPal is not the only online payment processor service that restricts account holders from buying and selling firearms. The Square reader and Apple Pay also ban their account users from legal firearm transactions.
Even the leading credit card payment handler, Authorize.net, a major credit card payment service, cut its relationship with the North Carolina based The Hyatt Gun Shop—the self-proclaimed nation’s largest gun store.
Thiel, an ardent libertarian, is out with a new a new book titled Zero to One. Thiel explores ways aspiring entrepreneurs can build startups in this particular release.