Stripe Inc. has reduced its internal valuation by about 11%, at least the third time since June that the US payments startup has lowered its own view of its share price, The Information reported, citing a person familiar with the matter.
The internal price is used for new stock-based compensation, and could help set expectations ahead of an IPO. The latest cut reduces the share price to $24.71, implying a valuation of about $63 billion. That follows a cut in October, when the price was lowered from $29 to $27.73, The Information reported.
Stripe, one of the world’s most valuable startups, is cutting jobs to rein in costs ahead of any economic downturn. The company in July told staffers that an internal valuation for the company dropped to about $74 billion, compared to the $95 billion it received in its most recent fundraising.
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