> 14 weeks of severance > They pay out 2022 bonus > Accelerated RSU vesting > Career + immigration support. A very interesting comparison: Adyen, Stripe’s competitor is massively profitable, and has no layoff risks.
1. Generous severance and more support than most places give. 2. Transparent on WHY this happened and the mistakes leadership made 3. alumni. stripe. com email addresses created.
In the memo, Collison said the cuts were necessary amid rising inflation, fears of a looming recession, higher interest rates, energy shocks, tighter investment budgets, and sparser startup funding.
Amazon, Google parent Alphabet, and Facebook owner Meta have all taken steps to rein in expenses. Companies including Netflix, Spotify, Coinbase, and Shopify have announced layoffs.
San Francisco-based Stripe became the most valuable U.S. startup last year, with a valuation of $95 billion.
The pain has been more acute for companies seeking late-stage funding as it becomes tougher to justify higher valuations.
"We were much too optimistic about the internet economy's near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown," Stripe's founders said in the email, adding that they had overhired and grew operating costs too quickly.
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