Adyen Founders Lose Billions as Payments Firm Stumbles After Pandemic Boom
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Adyen is a Dutch payments company that has lost significant market value this year due to intense competition and slowing growth.
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Founders Pieter van der Does and Arnout Schuijff have lost $2 billion in net worth as Adyen's share price dropped 48%.
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Adyen saw a pandemic boom as online shopping surged, but its U.S. expansion has proved challenging.
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Lower-than-expected earnings in August sparked concerns about overvaluation and sent the stock plunging.
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Adyen grew rapidly by serving big international brands like Uber and Spotify but now faces saturated markets.