- Payments startup Stripe Inc. ( STRIP ) plans to cut more than 1,000 jobs as it reduces cost ahead of economic downturn.
- Stripe will reduce its workforce by 14% this week, according to a Bloomberg report, which cited an email sent to Stripe staff. The company is preparing for "leaner times."
- The news comes after the WSJ reported in July that Stripe had cut the internal value of its shares by 28% to $74 billion. It was last valued by private investors at $95B in a March 2021 funding round.
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Stripe said planning to cut 14% of workforce