Shopify’s Stock Split Announcement Boosts Shares As Billionaire CEO Looks To Gain More ControlShopify announced that its board of directors has approved a proposed
10:1 stock split, which could go into effect on June 28 if approved by shareholders at an upcoming meeting on June 7.
The planned share split will make “share ownership more accessible to all investors,” according to a statement from Shopify, which also proposed
updates to its governance structure that would strengthen the foundation for “long-term stewardship” by billionaire cofounder and
CEO Tobi Lutke.Shopify is seeking shareholder approval for a new class of stock — the
“founder share” — which would be issued to Lutke, increasing his voting power.
The e-commerce firm, which helps companies set up and run online stores,
was considered a pandemic-era darling, with its stock surging roughly 180% in 2020 and another 20% in 2021 as the company benefited from
businesses moving online during lockdowns.
