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Stripe laying off around 14% of workforce

stripe.com

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Re: Stripe laying off around 14% of workforce

#491

Post by Apocryphon »

SpicyLemonZest wrote: post #208
ryandrake wrote: post #162

Earlier quoted context omitted.

That's kind of the fundamental problem of megawealth: You can't actually be held accountable for anything short of "ritual suicide". When a senior exec or CxO screws up, what conceivably could punish them? Lose their salary for a year? Ineffective. The wealthy make more from interest on their investments than they could ever need to live. What else could punish them? Their stock value going down? Oooh.. Mark Zuckerbe…

People keep working and earning more because they genuinely enjoy doing it. Would you really prefer the traditional alternative, where rich people become full-time idlers and look down their noses at those of us who have jobs?

They could always get into VC.

Re: Stripe laying off around 14% of workforce

#492

Post by coffeemug »

mynameisvlad wrote: post #259
jesuscript wrote: post #112

Earlier quoted context omitted.

Quoted post unavailable.

Quoted post unavailable.

Use of terms like “be better” or “do better” arouses far more resistance in people than the original use of slurs. What leads you to believe you’re endowed with moral authority to tell strangers to be better?

Re: Stripe laying off around 14% of workforce

#494

Post by ffggvv »

jesuscript wrote: post #38
benjaminwootton wrote: post #18

“On Tuesday we set a new record for total daily transaction volume processed.” How does a company breaking records 36 hours ago conclude they need to lay off 14% of the workforce? Even with economic storm clouds on the horizon that seems very jumpy.

They are doing what any company does whether the slow down in the economy impacts them or not. They lie and say it impacts them and use it to do a purge. I worked at companies that were in no way impacted by the 2008 financial crisis (in fact, business was booming). Leadership managed to use it as an excuse to do a hiring freeze and plead with existing employees that they are the lucky ones and they need to work hard…

they dont need some excuse, they can do it whenever they want for whatever reason they want. they dont hire the people in the first place if they dont think they need to

Re: Stripe laying off around 14% of workforce

#495

Post by anm89 »

mandeepj wrote: post #462

Quoted post unavailable.

Yeah, so you're going to go march in there and do something? What exactly are you proposing here?

It's a layoff. It happens. It's ironically a sign of them being good executives and doing what they need to do to keep their company viable so they can keep the ship running going forward for the remaining sustainable head count.

Re: Stripe laying off around 14% of workforce

#496

Post by countvonbalzac »

trimbo wrote: post #461
thundergolfer wrote: post #388

Earlier quoted context omitted.

A single Stripe E3 role (senior eng) can pay over $500k/yr.

How much of that $500K is liquid?

Looks like on average an L3 SWE at Stripe gets paid 215k stock, 218k stock, 34k bonus. So ~53% of pay is liquid (cash), the rest equity in a private company.

Source: https://www.levels.fyi/?compare=Stripe&track=Software%20Engi...

Re: Stripe laying off around 14% of workforce

#498

Post by melvinmelih »

neivin wrote: post #456
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.

Anyone who has been there for a decade had options and has already cashed out. Folks who are getting screwed are the ones that joined in ~2017 when they started issuing RSUs instead of ISOs.

Why? I always thought RSUs were better than ISOs

Re: Stripe laying off around 14% of workforce

#499

Post by anm89 »

jasmer wrote: post #202

This is the part I don't like. Stripe is a hugely successful company and they have no urgent material need to let people go. This is an optimization effort. I actually do believe that 'pruning' is a healthy thing for organizations, to enable them to be nimble and dynamic - however - obviously this comes at great social cost. The benefits of 'pruning' come at the cost of externalizing regular, creating real human chal…

It's a business, not a charity. Their goal is to optimize.

Re: Stripe laying off around 14% of workforce

#500

Post by naasking »

TorKlingberg wrote: post #418
thunkle wrote: post #298

I work for Stripe and got laid off this morning. Sucks because my manager was only told this morning, and didn't have a chance to talk about how well I was doing or take any part in the decision making. We'll at least I'll get a break. I worked nights and weekends all of October.

> Sucks because my manager was only told this morning As a manager I find their really curious. I guess they were trying to avoid leaks. I wonder how they chose who to lay off. Most recent performance rating? Next level managers impression?

> As a manager I find their really curious. I guess they were trying to avoid leaks.

That's something I don't quite get. This adversarial relationship between employees and employers and management is stupid. Why not tell the workforce you have to cut costs, so if you're thinking of changing careers now is the time. Whoever is left presumably wants to stay.

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