diff --git a/wp-includes/class-phpmailer.php b/wp-includes/class-phpmailer.php
index 8772db2842..7aaa850532 100644
--- a/wp-includes/class-phpmailer.php
+++ b/wp-includes/class-phpmailer.php
@@ -2712,7 +2712,7 @@ class PHPMailer
             if (!self::isPermittedPath($path) or !file_exists($path)) {
                 throw new phpmailerException($this->lang('file_open') . $path, self::STOP_CONTINUE);
             }
-            $magic_quotes = get_magic_quotes_runtime();
+            $magic_quotes = ( PHP_VERSION_ID < 70400 && get_magic_quotes_runtime() ); // WP: Patched for PHP 7.4.
             if ($magic_quotes) {
                 if (version_compare(PHP_VERSION, '5.3.0', '<')) {
                     set_magic_quotes_runtime(false);
diff --git a/wp-includes/version.php b/wp-includes/version.php
index 042c7b0ef6..f03f4fb5dd 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -13,7 +13,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '5.3-beta2-46377';
+$wp_version = '5.3-beta2-46378';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.