Tag: Patrick Collison

Stripe, one of the big names in the fintech industry, announced it had exceeded $1 trillion in total payment volume in 2023, marking a significant 25% increase from the previous year. This milestone, highlighted in Stripe's annual letter, arrives just 15 years following its inception. Its competitor PayPal reached a similar milestone in 2021, 23 years after its foundation.

One of the clearest indicators that an economic downturn, if not a recession, is knocking at the door is when companies start with layoffs. Twitter was this week just the last tech giant that announced and executed a massive layoff, allegedly firing half of its staff. Stripe CEO Patrick Collison announced the layoffs of over 14% of its workforce, amounting to more than 1,000 jobs. Raid-hailing operator Lyft announced the layoff 13% of its workforce, or nearly 700. Brace for the Tech Winter.