(Bloomberg) -- Adyen NV’s recent stock plunge has collectively cost its co-founders about €1.85 billion ($2 billion), placing them among the biggest losers of the Dutch payment processor’s growth slowdown this year. 

Co-founders Pieter van der Does and Arnout Schuijff’s combined shareholding in the fintech company is now worth €1.25 billion, based on closing price on Oct. 20. Van der Does, who is also a co-chief executive, and Schuijff each hold about 3% of the company, according to the latest regulatory filings.

Adyen, whose clients include Uber Technologies Inc. and McDonald’s Corp., has been navigating a revenue slowdown after facing greater price competition in the US. Its market value plunged by $20 billion in a single day on Aug. 17 after it reported record slow growth in first half of the year. 

The Amsterdam-headquartered company has organized an investor day in early November to explain how it will still achieve its growth ambitions, which its management feel aren’t being understood by the market.  

Billed as Europe’s biggest tech IPO in 2018, the company had impressed the market with its focus on challenging the traditional payment infrastructure at the time. 

The listing also delivered the founders a windfall. They have since sold more than €1 billion in Adyen stock, with Schuijff almost halving his stake over the past five years. Van der Does and Schuijff declined to comment. 

Competing against PayPal Holdings Inc. and Stripe Inc., Adyen continued to be an investor darling for years as it rode the e-commerce wave during the pandemic. The co-founders joined other members of the world’s ultra-rich in offloading shares to help diversify their fortunes in 2020, as Adyen’s share price continued to rise. 

Van der Does’ stake in the company was worth about €2.8 billion when the company’s share price peaked at €2,766 apiece in August 2021, according to Bloomberg calculations. 

Other founders, such as former innovation director John Caspers, have previously dropped below disclosure thresholds for their holdings in the company. 

Adyen has lost more than half of its market value since its August semi-annual results. The company had ruled out share buybacks at the time.

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