Stripe lays off its employees

Online payments company Stripe is laying off about 14% of its workforce

CEO Patrick Collison wrote in a letter to employees on Thursday

Of all these, the Recruiting Division will suffer the most from layoffs

Collison acknowledges how the company's leadership will grow VInternet economy in 2022 and 2023

Amidst the deteriorating economic scenario, technology companies are announcing layoffs and hiring as they move towards cutting costs

Companies including Netflix, Spotify, Coinbase and Shopify have announced layoffs.

Stripe became the most valuable US startup last year with a valuation of $95 billion

However, its internal valuation was reduced to $74 billion in July amid economic uncertainty.