In July, Shopify CEO Tobi Lutke announced that the company would lay off 10% of its staff, roughly 1,000 workers. Shopify benefited immensely from ecommerce boom during Covid. Like many companies, Shopify went on a hiring spree. “Ultimately, placing this bet was my call to make and I got this wrong,” Lutke said. “Now, we have to adjust. As a consequence, we have to say goodbye to some of you today and I’m deeply sorry for that.”