Online payments giant Stripe is
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laying off roughly 14% of its staff
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CEO Patrick Collison wrote in a memo to staff
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In the memo, Collison said
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the cuts were necessary amid rising inflation, fears
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of a looming recession, higher interest rates,
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energy shocks, tighter investment budgets
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and sparser startup funding
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Taken together, these factors signal
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“that 2022 represents the beginning
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of a different economic climate,” he said
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Stripe said its head count will be
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reduced to about 7,000 employees, which
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means the layoffs will impact
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roughly 1,100 people
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