In the U.S., affected employees will receive a minimum of nearly five months of pay, health insurance, career resources, and other benefits to help with the transition. According to Benioff's note, those outside the U.S. will receive a similar level of support, with the company aligning with local employment laws in each country.
This is yet another round of layoffs since the San Francisco-based rideshare company laid off 60 employees in July 2022, after winding down its in-house car rental division and in November 2022 where 683 workers were already let go., operating expense outpacing revenue growth "Around 14% of people at Stripe will be leaving the company. We, the founders, made this decision. We overhired for the world we're in...and it pains us to be unable to deliver the experience that we hoped that those impacted would have at Stripe," he said.
Earlier this year, Stripe was reported to have laid off an estimated 50 people from TaxJar, a tax compliance startup that it acquired in 2021.Menlo Park-based online discount brokerage company Robinhood cut an estimated 1,000 workers over two layoffs. The first round of cuts were in April 2022 where the company cut 9% of its nearly 3,900 workforce.
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