Shopify Inc. set out to win the affection of retail investors with a 10-for-1 stock split. The gambit appears to be too little, too late.
A pop on the day of the April 11 announcement has given way to a relentless selloff. Shopify is down 23% since then to about C$605, far underperforming Canada’s benchmark index, the Nasdaq 100 Index and many other software stocks. So much for signaling to the market that the e-commerce company was becoming more shareholder friendly.
