Payments giant Stripe, last valued at $95 billion, has cut the internal value of its shares by 28%, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The company told employees in an email that its internal share price was about $29, compared with $40 in the previous internal valuation, the report said.
Stripe declined to comment.
High-flying tech valuations have come under pressure this year as investor sentiment takes a hit from fears of a looming recession and a chill in the equity markets.
Earlier this month, Swedish payments firm Klarna Bank AB – once Europe’s most valuable startup – raised funds at a valuation that was more than 80% lower than the $46 billion price-tag it attracted last year.
Listed digital payment giants PayPal Holdings Inc and Block Inc have also seen their shares plummet more than 60% each so far this year.
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