A recent report from Bloomberg claims that tech workers at payment processor Stripe are opting to take a ten percent cut to their salary in order to work remotely full time. The goal for most of these workers is to move out of Democrat strongholds like New York City and the San Francisco Bay Area to live and work in more affordable and safer areas.
Bloomberg reports in an article titled “Stripe Saw Major Uptake of Staff Offer to Move With 10% Pay Cut,” that payment processor Stripe saw a surprisingly “major uptake” of a recent offer the company made to staff: Leave cities like New York and San Francisco, work remotely full-time and take a $20,000 bonus, but receive a 10 percent pay cut to their base compensation.
John Collison, Stripe’s co-founder and president, said on Tuesday on Bloomberg Television: “We saw pretty major uptake. There were a lot of people where they took advantage of all the remote working that was going on last year to be able to move to be closer to their families, to somewhere they wanted to move previously.”
Stripe, which is dually headquartered in Dublin, Ireland and San Franciso, has been considered a leader among other Silicon Valley firms in its embrace of remote work. The company began hiring engineers working remotely from home as early as 2013 and six years later opened a fully remote engineering hub.
“We have not come to our ultimate stance or ultimate decision of what the exact mix of in-office versus remote will be,” Collison said. “Everyone has been working remotely during a pandemic but I think that’s going to be very different from the steady state of working remotely.”
The payment processor became the most valuable U.S. startup in March, drawing a $95 billion valuation after raising $600 million in a fundraising round. But Collison and his brother Patrick, a Stripe co-founder and current CEO, are not focused on an initial public offering just yet.
“We still have no plans to IPO,” Collison said. “We’re having lots of fun building Stripe. Maybe we do, maybe we don’t someday but right now we have no plans.”
Read more at Bloomberg here.
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