Shopify Shares Slide After Completing 10-for-1 Stock Split
- Canadian e-commerce giant has plummeted 76% this year
- Splits aim to make stock affordable, boost investor interest
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Shopify Inc. shares fell after the Canadian e-commerce giant completed a 10-for-1 split of its common stock on Wednesday.
It’s the latest in a parade of tech-stock splits this year as companies in the beleaguered sector attempt to drum up interest among retail investor. Amazon.com Inc. and Alphabet Inc. have also announced stock splits, but the moves failed to boost sentiment amid a broad market selloff on concern central bank attempts to rein inflation risked stifling economic growth.