of its staff, or about 700 jobs. In a letter to employees, CEO Logan Green and President John Zimmer pointed to"a probable recession sometime in the next year" and rising rideshare insurance costs.
For laid-off workers, the ride-hailing company promised 10 weeks of pay, healthcare coverage through the end of April, accelerated equity vesting for the Nov. 20 vesting date and recruiting assistance. Workers who had been there for more than four years will get an extra four weeks of pay, they added.of its staff, which amounts to about 1,100 employees last week.
Stripe said it will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. It will also pay the cash equivalent of six months of existing healthcare premiums or healthcare continuation. Stripe was valued at $95 billion last year, and reportedly lowered its internal valuation to $74 billion in July.