Stripe has raised $6.5 billion at a $50 billion valuation down, from its previous $95 billion valuation

3/16/2023

Stripe has raised $6.5 billion at a $50 billion valuation down, from its previous $95 billion valuation.

New investors in the round include GIC, Goldman Sachs Asset and Wealth Management and Temasek.

Stripe intends to use the proceeds to “provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors.”

In November, Stripe announced that it’s laying off 14% of its workers, impacting around 1,120 of the fintech giant’s 8,000 workforce.

“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,” CEO Patrick Collison said.

Layoffs by U.S. companies over January and February touched the highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced, per Reuters.

The number of Americans filing new claims for unemployment benefits rose 21,000 in the week ended March 4, the Labor Department said — the biggest increase in five months.

U.S. firms announced plans to hire 28,830 workers in February, down 87 per cent from 215,127 a year earlier, the report added.

Read more: https://unusualwhales.com/news/layoffs-by-u-s-companies-over-january-and-february-touched-the-highest-since-2009