Stripe laying off around 14% of workforce

Post by bastardoperator » Thu, Nov 03, 2022, 3:05 PM UTC

spamizbad wrote: post #144

mbreese wrote: post #133

Earlier quoted context omitted.

> The reality is there's very little evidence for an actual "broader slowdown". GDP growth in the US was decent in the last quarter despite a huge decline in home sales and headwinds from inflation, and unemployment remains at record lows. I thinks as a payment processor, they are in a better position than most to predict sales trends. This effect might be restricted to their segment of the market. But if the payment…

Stripe’s reach as a processor probably isn’t broad enough to see those kinds of trends. Their processing fees are quite high so there’s huge industry sectors that will just never touch them.

Post by tempsy » Thu, Nov 03, 2022, 3:05 PM UTC

mritchie712 wrote: post #210

tempsy wrote: post #36

I feel bad for employees that have waited a decade to cash out. No reason why Stripe couldn’t have gone public in 2020-2021 at a huge valuation but from past interviews it sounds like the decision to remain private was just a founder preference thing because “focus” or something. Now the IPO market is completely frozen and its valuation is likely cut in half from peak, at least.

There's a healthy secondary market for companies like Stripe. Employees there can sell a good amount of their stock already (and have likely been able to for years).

Post by mooreds » Thu, Nov 03, 2022, 3:07 PM UTC

Nifty3929 wrote: post #190

Layoffs are not an indication of failure. Not on those who get laid off, those that remain, or senior leadership. The universe is a dynamic, changing place. People [should] move in and out of jobs and industries in response to those changes in the world. This is a good thing, and much better than blindly doing the same thing forever, in the face of changes. I don't know the specifics of Stripe's business at all, but…

Post by roflyear » Thu, Nov 03, 2022, 3:07 PM UTC

apohn wrote: post #232

esel2k wrote: post #148

Earlier quoted context omitted.

As a European the severance for a large company doesn’t sound all to different to what I am used to. Normally you have 3 months by contract plus some add a month per year tenure. Healthcare costs, career support etc is normal for larger/successful companies. Then certain countries (not the company) will pay 80percent of your salary for 2 years to find a new job. Happy that some companies also start to do this in the…

>As a European the severance for a large company doesn’t sound all to different to what I am used to. IME 14 weeks minimum is really generous in the US. I've been at 2 companies where it was 1 week per year of employment. At one company they added on 1 month of severance during a really large layoff. The tenure at tech companies in the US tends to be quite short, so getting 14 weeks probably unusual at typical tech c…

Post by zeroonetwothree » Thu, Nov 03, 2022, 3:09 PM UTC

Someone1234 wrote: post #224

chasd00 wrote: post #204

Earlier quoted context omitted.

if you walk out on Friday and start a new job on Monday does the severance still apply? This setup is incredibly generous in my mind to the point where there's a lot of incentive to get laid off. If you got another job in a couple days and severance was still paid by Stripe then that+PTO+RSU+typical signing bonus is one hell of a payday.

> if you walk out on Friday and start a new job on Monday does the severance still apply? If you "walk out" i.e. quit, then severance doesn't apply. Severance is for people they're laying off. But, yes, if you get let go on Friday, you can work elsewhere on Monday, unless Stripe has specific non-competes in place (which aren't legal a lot of places). > This setup is incredibly generous in my mind to the point where t…