- Stripe, a Silicon Valley payments company, laid off 14%. In an email to employees, Stripe cofounder and CEO Patrick Collison cited inflation, rising interest rates, and “sparse startup funding” as reasons to cut expenditures.
- Collision stated the company “overhired” during the pandemic and “overestimated” e-commerce growth. Stripe’s workforce has doubled in two years, according to LinkedIn.
- It had more than 8,000 employees last month, and the current cuts reduce it below 7,000, the same as in February 2022. Collison claimed Stripe “grew operating costs too quickly” and “allowed operational inefficiencies to leak in.”
