Shopify, the Ottawa-based commerce platform which rose to its highs boosted by the pandemic, had been making changes to its organization and has announced to let go of 1000 Employees ~ 10% of its workforce.
Since, then the company’s stock has been taking a beating due to the economic downturn and recession fear amid low consumer confidence. This has given the company no other option to pause the proposed compensation overhaul, leading to the layoffs.
The company has also rescinded offers along the way and has paused hiring in its non-core business since then. The company’s stock saw a rosy high of $222.87(based on the 10-for-a split) which is now trading under $31, as of this article.