Why are Zip shares hitting a new multi-year low on Friday?

Zip Co Ltd (ASX: ZIP) shares are trading at their lowest level since February 2016 on Friday, down 5.3% to 36 cents at their intraday low.

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Zip to layoff 20% of workforce, around 300 employees - LayoffsTracker

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Why did the Zip share price just rocket 9%?

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