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☆ Stripe Co-Founder John Collison on AI enthusiasm in a new interest rate environment
▼ + stars: | 2024-04-25 | by ( Kate Rooney | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStripe Co-Founder John Collison on AI enthusiasm in a new interest rate environmentStripe President and Co-Founder John Collison joins CNBC's Kate Rooney at Stripe Sessions 2024 to talk how higher interest rates impact Silicon Valley, and where Stripe stands as the IPO market regains momentum.

Persons: John Collison, CNBC's Kate Rooney

☆ Stripe co-founder says high interest rates flushed out Silicon Valley's 'wackiest' ideas
▼ + stars: | 2024-04-25 | by ( Kate Rooney | ) www.cnbc.com time to read: +2 min

Rising interest rates crushed technology valuations and had a chilling effect on Silicon Valley. Stripe had to take a major haircut along with the rest of the industry as soaring inflation and rising interest rates, starting in 2022, pushed investors out of the riskiest assets, lifted borrowing costs and and forced startups to tighten their belts. "Valuations are a product of interest rates," Collison said. While many tech companies took a hit in 2022 and 2023, Collison said the rising interest rate environment succeeded in flushing out the "wackiest" startup ideas, leaving the best ones to get funded. He pointed to an "overfunding" of marginally good ideas, and "zombie companies" taking too long to go bust.

Persons: John Collison, Collison, Patrick, Elon, We're, Jerome Powell Organizations: CNBC, SpaceX, Wall Street Journal, Federal Locations: Silicon Valley

☆ The man who led Google Photos to 1 billion users is now the newest group partner at Y Combinator
▼ + stars: | 2024-04-18 | by ( Melia Russell | ) www.businessinsider.com time to read: +7 min

Lieb, having a background in semiconductors and not server management, reached out to his fellow Y Combinator founders for support. After a year and a half of advising at the accelerator, he's stepping up as a group partner, Y Combinator tells Business Insider exclusively. It was never released, but many of the ideas would later come back in the form of Google Photos. From there, he reached into the Y Combinator alumni network to find other promising upstarts. David Lieb, second from left, speaks to a group of Y Combinator founders.

Persons: David Lieb, Lieb, Alex Polvi, Combinator —, Garry Tan, Jared Friedman, Harj Taggar, Michael Seibel, Sam Altman, it's, Y Combinator, " Lieb, Dan Lieb, Y, Xoogler, Patrick, John Collison's, Mixpanel, Jake Mintz, Forbes, Kevin Systrom, Flock, Andy Huibers, Mary, 72m2YgJZq8 — David Lieb, Ryan Peterson, He's Organizations: Apple, Business, Investors, Google Locations: Cloudkick, San Francisco, Silicon Valley, Flexport

☆ Watch CNBC's full interview with Stripe co-founder and president John Collison
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Stripe co-founder and president John CollisonStripe co-founder and president John Collison joins 'Squawk Box' to discuss the company's 2023 annual letter, his thoughts on startups, future of payments, impact of AI, state of crypto, Charlie Munger's legacy, and more.

Persons: John Collison Stripe, John Collison, Charlie Munger's

☆ Stripe co-founder John Collison on startups, state of consumer and impact of AI
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStripe co-founder John Collison on startups, state of consumer and impact of AIStripe co-founder and president John Collison joins 'Squawk Box' to discuss the company's 2023 annual letter, his thoughts on startups, future of payments, impact of AI, state of crypto, Charlie Munger's legacy, and more.

Persons: John Collison, Charlie Munger's

Fintech giant Stripe revealed in its annual letter published on Wednesday that it surpassed $1 trillion in total payment volume in 2023, up 25% from 2022. By comparison, PayPal surpassed $1 trillion in total payment volume in 2021, 23 years after it was founded. Stripe is valued at $65 billion as of the company's latest tender offer completed last month. We wanted to ensure shareholders have access to liquidity that is why we did the tender offer last year, that's why we did the tender offer this year." "Things got a bit mad at the peak of 2021... startups are focusing on more profitable growth," Collison explained to Sorkin on "Squawk Box."

Persons: Patrick, John Collison, Andrew Ross Sorkin, Collison, Sorkin Organizations: PayPal, CNBC, YouTube

☆ A company that counts billionaires Marc Andreessen and Laurene Powell Jobs as investors says it's bought 50,000 acres of land to build a new 'walkable' city in northern California. Here's everything w
▼ + stars: | 2023-09-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

California Forever says it wants to build a "walkable" city with new jobs, surrounded by an agricultural greenbelt. The company, Flannery Associates, has been quiet until now, but its parent company California Forever just launched a new website detailing its master plan. Solano County sits between Sacramento, San Francisco, and Napa Valley, and has a population of around 450,000 across just over 900 square miles. Sramek founded California Forever in 2017 and recently bought a family home there. "Now that we're no longer limited by confidentiality, we are eager to begin a conversation about the future of Solano County," it says.

Persons: Goldman Sachs, Marc Andreessen, Laurene Powell Jobs, Flannery, Jan Sramek, he'd, Jan, Sramek, it's, Who's, Chris Dixon, John Doerr, Nat Friedman, Daniel Gross, Reid Hoffman, Michael Moritz, Andreessen Horowitz, Patrick, John Collison Organizations: Goldman, Service, Flannery Associates, California Forever, Travis Air Force Base, California Forever's, California Delta, California Locations: San Francisco, California, Wall, Silicon, Solano County, Sacramento, Napa Valley, Solano, Fairfield, Rio Vista, walkable

☆ He's played chess with Peter Thiel, sparred with Elon Musk and once, supposedly, stopped a plane crash: Inside Sam Altman's world, where truth is stranger than fiction
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

But, "you do at some point need to start having contact with reality," he told Insider. The plan was still only a rough sketch, Blania told Insider, but that didn't seem to matter to his host. "He always wanted to understand everything at a very deep level," Thrun told Insider in an email. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ Sam Altman is building his utopia, whether you want it or not
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

Altman told Insider, "We debate our approach frequently and carefully." "I don't think anyone can lose your dad young and wish he didn't have more time with him," Altman told Insider. Altman told Insider that his thinking had evolved since those posts. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ Stripe’s $50 bln reset is relative sign of health
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Stripe’s valuation cut is arguably still a relative sign of strength. The newly attained price tag is a 53% cut from its 2021 valuation of $95 billion. And by some metrics Stripe seems to be valued at a discount relative to its publicly listed peers. Stripe’s $50 billion is 3.5 times last year’s gross revenue, while Dutch payment firm Adyen (ADYEN.AS) trades on a multiple of 4.7 times. The valuation cut reflects the reality of how an economic slowdown affects fintech businesses like Stripe.

☆ Stripe slashes valuation to $50 billion in new $6.5 billion funding round
▼ + stars: | 2023-03-15 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Payment processor Stripe raised $6.5 billion at a $50 billion valuation, the company said Wednesday, a sharp discount from its record valuation of $95 billion in 2021. Goldman Sachs served as the sole placement agent, while J.P. Morgan served as Stripe's financial advisor. "We're very happy as a private company," Stripe co-founder John Collison told CNBC in 2021. In July, Stripe cut its internal valuation by 28%, from $95 billion to $74 billion. Then in January, The Information reported that Stripe again lowered its valuation to $63 billion.

☆ Fintech darling Stripe has first-world problems
▼ + stars: | 2023-03-02 | by ( Karen Kwok | ) www.reuters.com time to read: +7 min

When it’s a fintech darling previously valued at $95 billion, the whole industry takes notice. Though a solid business model and rapid growth have allowed Stripe to remain private, it has its share of first-world problems. A lower valuation for Stripe is painful for investors who bought in two years ago, and for employees who dreamed of IPO riches. Stripe is raising $4 billion in fresh capital from investors including Thrive Capital, Reuters reported on Feb. 24. Stripe has hired Goldman Sachs and JPMorgan to explore a public listing and to help with its latest fundraising.

☆ Stripe in advanced talks to raise $4 bln from investors - sources
▼ + stars: | 2023-02-24 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

[1/2] Small toy figures are seen in front of Stripe logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoFeb 24 (Reuters) - Digital payments processor Stripe Inc is close to raising $4 billion in fresh capital at a valuation of about $55 billion, people familiar with the matter said. The funding is expected to be completed by the end of March, the sources said, cautioning that the target number could still fall short. Goldman Sachs has also been setting up special purpose investment vehicles to offer wealth management clients opportunities to invest in Stripe, one of the sources said. It processed about $14.4 billion in gross revenue in 2022, compared to about $11.7 billion in 2021, the sources cited above said.

☆ Stripe Sets One-Year Timetable to Decide on Going Public
▼ + stars: | 2023-01-26 | by ( Peter Rudegeair | Corrie Driebusch | ) www.wsj.com time to read: 1 min

Stripe’s last fundraising nearly two years ago valued the company at $95 billion. Stripe Inc. , one of Silicon Valley’s most valuable startups, is moving closer to what could be one of the biggest public-market debuts in recent memory. Stripe co-founders Patrick and John Collison told employees Thursday that executives set a goal of either taking the company public or allowing employees to sell shares in a private-market transaction within the next 12 months, according to people familiar with the matter.

☆ Why corporate leaders like Mark Zuckerberg, Jack Dorsey, and Evan Spiegel are all apologizing for the massive layoffs at their companies
▼ + stars: | 2022-11-15 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +10 min

Since the pandemic, the largest tech layoffs have been at Meta, Getir, Booking.com, Twitter, Uber, Better.com., Peloton, and Groupon, Layoffs.fyi data show. Now companies in tech are reversing some of the huge hiring that they did in the past couple of years, Lee said. Mark Zuckerberg, MetaFacebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, in New York on October 25, 2019. In the memo he wrote: "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. Jack Dorsey, ex-CEO TwitterTwitter CEO Jack Dorsey testifies before the House Energy and Commerce Committee in Washington, DC, in 2018.

☆ Layoff memos from tech companies illustrate how leaders need to show authentic regret over job cuts — and how damaging it can be when they don't
▼ + stars: | 2022-11-13 | by ( Shana Lebowitz | Rachel Durose | ) www.businessinsider.com time to read: +5 min

Job cuts are never easy, but leaders' actions can lessen the sting of layoffs. Cuts at Meta, Twitter, and Stripe offer examples of what works — and what doesn't. Those contrite statements stand in contrast to a November 3 email that went to some 3,700 laid-off Twitter employees, about half of the company's workforce. Instead of apologizing, Musk, who is also the CEO of SpaceX and Tesla, doubled down on his claims that the business was losing too much money to avoid workforce cuts. Twitter didn't tell employees why they were losing their jobsThe email to laid-off Twitter employees didn't explain the rationale behind the job cuts, though HR experts said that kind of clarity around what businesses sometimes call a "reduction in force," or RIF, is important.

☆ Stripe and Meta's layoff memos are a lesson in accountability and empathy
▼ + stars: | 2022-11-09 | by ( Rachel Durose | ) www.businessinsider.com time to read: +5 min

Stripe's and Meta's memos are excellent examples of how leaders can handle layoff announcements. Similarly, on November 9, Meta cofounder and CEO Mark Zuckerberg released a public, company-wide message about the impending lay-off of 11,000 employees. Why these memos are resonating with workersIn one case, employees at the human-resource platform Compt discussed Stripe's memo in their company Slack. Stripe's memo praises the laid-off workers, stating that they would make "fantastic additions at almost any other company." "This was handled, in my opinion, the best way possible," Amy Spurling, the CEO and founder of Compt, said of Stripe's memo.

☆ The Stripe founders' memo explaining its layoff plan to employees is a remarkably candid look at why so much of tech is in freefall
▼ + stars: | 2022-11-05 | by ( Travis Clark | ) www.businessinsider.com time to read: +6 min

Its memo to employees highlights the economic headwinds other tech companies are facing. From Meta to Shopify, tech companies are navigating an uncertain future. It over-hired during the pandemic"We over-hired for the world we're in," the founders wrote. It failed to keep other costs in checkThe founders' wrote: "We grew operating costs too quickly. The open question facing Stripe and other tech companies is what that recalibration looks like, beyond simply cutting costs.

☆ A memo from Stripe's cofounders announcing sweeping job cuts is a lesson for companies everywhere on how to conduct layoffs
▼ + stars: | 2022-11-04 | by ( Rachel Durose | ) www.businessinsider.com time to read: +4 min

Cofounders Patrick and John Collison break down what led to the decision and apologize to workers. Still, Patrick and John Collison, the cofounders of Stripe, laid off 14% of the payment company's workforce in one of the best ways possible. On the same day the Collisons shared their message with employees, Twitter sent an unsigned memo to its workers announcing sweeping layoffs and office closures. Why the memo is resonating with workersIn one case, employees at the human-resource platform Compt discussed Stripe's memo in their company Slack. Patrick Collison serves as CEO, while John Collison is president.

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