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Less than two years ago, online payment processor Stripe—the biggest unicorn in all the fintech realm—was cutting deals with Goldman Sachs, playing godfather to other promising disruptors and enjoying a nearly $100 billion valuation. The future could not have looked brighter, and Stripe positioned itself as such.

Then, right around the time of that $95 billion valuation, a little microbe began sweeping the, bringing economic devastation, energy insecurity, higher interest rates, likely recessions and, most consequentially for Stripe, a $21 billion cut in valuation and a drying up of available funding sources, in its train. These things Stripe and CEO Patrick Collison did not foresee.

Collison acknowledged the company’s leadership made “two very consequential mistakes” by misjudging how much the internet economy would grow in 2022 and 2023, and when it grew operating costs too quickly.

And now, 1,100 Stripers, and countless hopeful future ones, are paying for those mistakes.

Online payments giant Stripe is laying off roughly 14% of its staff, CEO Patrick Collison wrote in a memo to staff Thursday…. Stripe said its head count will be reduced to about 7,000 employees, which means the layoffs will impact roughly 1,100 people….

The cuts will affect many of Stripe’s divisions, though most will occur in recruiting, as the company plans to hire fewer people next year, Collison said in the memo.

Stripe lays off 14% of workers [CNBC]

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