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Buffett-backed StoneCo cuts staff by 20% - Bloomberg

May 12, 2020 9:30 AM ETStoneCo Ltd. (STNE) StockSTNEBy: Liz Kiesche, SA News Editor29 Comments
  • StoneCo (STNE -3.2%), which counts Berkshire Hathaway as a big shareholder, dismissed 20% of its staff, with 1,300 leaving the payment firm today, Bloomberg reports, citing a letter from the company's CEO.
  • Thiago Piau explained in the letter that April's results showed that "the future is much more uncertain than everyone thought at the beginning of March."
  • “This measure will give us the strength to maintain Stone’s service level, seeking to transform the lives of entrepreneurs in the long run. It will bring security to those who stay,” Piau wrote in the letter.

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