Etsy (NASDAQ:ETSY) stock is in the news Monday as the company deals with a strike caused by an increase in its transaction fees.
A website has been created with all the details about the Etsy strike, and the hashtag #EtsyStrike is also making the rounds on social media. While the increase in transaction fees are the biggest reason for the strike, sellers have more demands for the e-commerce platform.
Let’s take a quick look at those demands below!
- Cancel the fee increase.
- Crack down on resellers.
- Create “Golden” support tickets.
- End the Star Seller program.
- Let all sellers opt out of offsite ads.
The Etsy strike calls for sellers on the website to close down their shops for the week. The goal here is to show Etsy that these sellers don’t need the platform. This also has sellers sharing other e-commerce platforms worth switching to over Etsy.
The petition is already doing well as roughly 50,000 people have signed it. That includes sellers that might not be taking part in the strike, as well as buyers that are unhappy with the changes on the platform too.
A portion of the Etsy strike petition reads as follows.
“It doesn’t need to be this way! Etsy can be a successful and profitable company while still treating its sellers fairly and ethically. Etsy can be the force for good it initially set out to be. And together, Etsy sellers and the buyers who support us can show hyper-exploited platform workers everywhere that there’s a better way, if we unite in solidarity and work together to achieve it!”
Despite the planned strike, shares of ETSY stock are up 1.3% as of Monday afternoon.
Investors on the lookout for more stock market news are in luck!
We’ve got all the latest stock market coverage that traders need to know about for Monday! That includes what’s happening with shares of SoFi Technologies (NASDAQ:SOFI) stock, Shopify (NYSE:SHOP) stock, and Warner Bros. Discovery (NASDAQ:WBD) stock. You can find out more about these topics at the following links!
More Monday Stock Market News
- Why Is SoFi (SOFI) Stock Down to New 52-Week Lows Today?
- When Is the Shopify Stock Split Date? What Will Happen to SHOP Stock?
- Is WBD Stock a Buy? 3 Analysts Weigh In on Warner Bros. Discovery.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.