By Sam Boughedda
Stripe is axing over 1,000 jobs or 14% of its workforce, according to a memo from the company's Chief Executive Patrick Collison.
In the memo published by The Transcript, Collison says the current macroeconomic environment, with soaring inflation, "energy shocks, higher interest rates, reduced investment budgets, and sparser startup funding," represents the beginning of a different economic climate.
The Stripe CEO stated that while the business is fundamentally well-positioned to weather harsh circumstances, they need to match the pace of their investments. "To adapt ourselves appropriately for the world we're heading into, we need to reduce our costs," he added.
"Around 14% of people at Stripe will be leaving the company," continued Collison, explaining the founders made the decision, and they had overhired for the world we are in.