Fintech giant Stripe will lay off 300 people, according to a leaked memo Business Insider reported on Tuesday.
The affected employees “primarily work in product, engineering, and operations roles,” the memo said. Despite the job cuts, chief human resources officer Rob McIntosh said Stripe intends to increase its headcount by 17% and “reach approximately 10,000” by the end of the year. Doing the math, Stripe currently has about 8,550 employees.
McIntosh said the layoffs came as “it became clear that some changes were needed at the team level” to “ensure Stripe’s plans were executed by the right people in the right roles and locations.” was said to have taken place.
In November 2022, Stripe announced it would lay off 14% of its workforce, impacting approximately 1,120 of its 8,000 employees at the time.
The company has long been expected to go public, but has continued to raise capital and make tender offers to provide liquidity to employees. As of July last year, it was valued at $70 billion.
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