A tale of two layoffs and Gen Z’s view on role of social media
Plus: Holiday spending will continue to rise despite inflation concerns.
Internet payment processing company Stripe announced plans to lay off 14% of company positions on Thursday.
Stripe CEO Patrick Collison explained his decision.
“Our business is fundamentally well-positioned to weather harsh circumstances,” he wrote. “We provide an important foundation to our customers and Stripe is not a discretionary service that customers turn off if (the) budget is squeezed. However, we do need to match the pace of our investments with the realities around us. Doing right by our users and our shareholders (including you) means embracing reality as it is.”
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Collison cited mistakes his company made that led to the job cuts.
“In our view, we made two very consequential mistakes, and we want to highlight them here since they’re important:
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Tags: Elon Musk, Gen Z, holiday spending, layoffs, Stripe, Twitter
