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2022-04-12

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Shopify Shares Climbed over 3% in Morning Trading

Shopify shares climbed over 3% in morning trading as Shopify planned 10-for-1 split of common stock.

Shopify Shares Climbed over 3% in Morning Trading

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Under the plan, Lutke, his family and his affiliates would together retain 40% of the votes at the company, even as their ownership share changes.</p><p>Lutke would have to give up his founder share if he’s no longer with the company as an executive, director or consultant, Ottawa-based Shopify said in a statement Monday. He wouldn’t be allowed to transfer it to anyone else.</p><p>Shopify soared above C$250 billion ($198 billion) in market value during the pandemic as online selling took off, but it has given back most of those gains.</p><p>The shares are down 56% this year amid a selloff in richly valued technology stocks -- costing Lutke $6.3 billion in personal wealth. He’s still one of the richest Canadians, with a net worth of $5.5 billion, according to the Bloomberg Billionaries Index.</p><p>Stock splits are in vogue in the technology sector after Alphabet Inc., Amazon.com Inc. and Tesla Inc. all got a boost from announcing plans to split their shares.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151995230","content_text":"Shopify shares climbed over 3% in morning trading as Shopify planned 10-for-1 split of common stock.The Canadian e-commerce software firm said Monday that the new structure would “strengthen the foundation for long-term stewardship by Mr. Lutke,” the company’s founder. 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