Shopify Plans Stock Split That’s Bound to Tap Retail Frenzy
- Proposal would cement 40% of votes for Lutke, associates
- Shopify’s rise has made founder one of Canada’s richest people
Shopify Inc. said it plans a 10-for-1 stock split and will give Chief Executive Officer Tobi Lutke a special “founder share” that will preserve his voting power as long as he’s at the company.
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Canada’s Shopify Inc. just became the latest tech giant to announce plans to split its stock in a bid to bring a higher number of loyal retail investors to its shareholder base.
Shopify said on Monday it plans a 10-for-1 stock split for its common stock pending shareholder approval on a June 7 meeting. The proposed share split “will make ownership more accessible to all investors,” the company said in a statement.