* Shopify cutting ~1000 workers: most of the layoffs will occur in recruiting, support and sales units
* First big layoffs the company has announced since Mr. Lütke started the company in 2006.
* Shopify’s shares fall 15% to about $31
* Tobi Lütke: "It’s now clear that bet (that surging e-commerce sales growth would last past the Covid-19 pandemic’s ebb) didn’t pay off... I got this wrong"
* Laid off workers to be offered 16 weeks of severance to the laid-off workers, plus one week for every year of service