CNBC: Stripe lays off 14% of workers

CNBC reports:

Online payments giant Stripe is laying off roughly 14% of its staff, CEO Patrick Collison wrote in a memo to staff Thursday.

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. Taken together, these factors signal “that 2022 represents the beginning of a different economic climate,” he said.

Collison acknowledged the company’s leadership made “two very consequential mistakes” by misjudging how much the internet economy would grow in 2022 and 2023, and when it grew operating costs too quickly…

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In other news:

– “Exclusive: Morgan Stanley to start layoffs in coming weeks as dealmaking slows” (RTR: “Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, (…) as dealmaking business takes a hit due to rising inflation and an economic downturn.”)

– “Elon Musk Begins Layoffs at Twitter” (NYT: “The social media company’s 7,500 employees have been bracing for job cuts since Mr. Musk took it over last week.”)