Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario.

Shopify plans to lay off roughly 10% of its global workforce, CEO Tobi Lutke wrote in a memo to staff on Tuesday.

Shopify stock sinks 15% after company says it will lay off 10% of worker

According to regulatory filings, the company had about 10,000 employees at the end of 2021.

The Canadian company, which makes tools for companies to sell products online, was one of the biggest beneficiaries of the pandemic-driven e-commerce boom.

in mid-2020, Shopify became the most valuable company in Canada with a valuation of almost $300 billion.

As the company's growth showed signs of slowdown toward the end of 2021.  Today, the company is worth about $50 billion.

Shopify Inc. is laying off roughly 1,000 people in reaction to slowing growth in its business.

Shopify said employees who are laid off will receive 16 weeks of severance pay, plus one week for every year of tenure at the company.

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