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.
High-flying tech valuations have come under pressure this year as investor sentiment was dampened by macroeconomic turmoil, fears of a looming recession and a chill in the equity markets.
Stripe did not immediately respond to a Reuters request for comment.
The company in an email to employees said that the internal share price was about $29, compared with $40 in the most previous internal valuation, known as a 409A valuation, according to the report.
Recently, Swedish payments firm Klarna Bank AB, once Europe's most valuable startup, raised funds at a valuation which was over 80% lower than the $46 billion price-tag it attracted last year.
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Listed digital payment giants PayPal Holdings Inc and Block Inc have also seen their shares plummet more than 60% each so far this year.
+Additional reporting Reuters
