Patreon’s valuation dropped 70% over the last year, internal documents show

Patreon executive Carlos Cabrera told staff in September that the firm's valuation had dropped around 70% over the past year, Business Insider reported citing internal documents. This came days before Patreon issued layoffs of 17% of its workforce. CEO Jack Conte had told staff that the firm is changing its plans after trying to rapidly grow during COVID-19.