The tech industry has seen a string of layoffs in the face of uncertain economic conditions.
in a memo to staff
that the cuts were necessary amid rising inflation, fears of a looming recession, higher interest rates, energy shocks, tighter investment budgets and sparser startup funding. Taken together, these factors signal "that 2022 represents the beginning of a different economic climate," he said. Stripe was valued at $95 billion last year, and reportedly lowered its internal valuation to $74 billion in July., which equals 10% of its global workforce.
In a memo to staff, CEO Tobi Lutke acknowledged he had misjudged how long the pandemic-driven e-commerce boom would last, and said the company is being hit by a broader pullback in online spending. Its stock price is down 78% in 2022.
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