As Etsy faces a sellers' strike in response to its latest fee hike, a founder of the e-commerce retail giant reflects on the company's growth, and its costs.
But that has become an increasingly harder line to walk as a public company with Wall Street on watch. The changes at Etsy go much deeper than the latest transaction fee increases.
Though Dickerson came to Etsy from Silicon Valley, the company was and remains based in Brooklyn, and its multi-billion-dollar IPO was a milestone for the New York City start-up world. It was also among the most notable start-ups and CNBC Disruptor 50 companies to go public as certified B Corp. , a rigorous certification process to prove a company is aligned with social goals, but dropped that status after Silverman took the reins of the company.
And it has continued to post strong numbers, with its most recent quarterly sales total coming in over $4 billion and its revenue topping $700 million. But it didfor the first quarter and the heady days of its pandemic-driven stock boom have ended. Etsy, which saw its market capitalization reach over $300 per share last year, has since seen two-thirds of that value erased as investors have run from the pandemic's biggest winners.
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