Shopify (NYSE: SHOP) (TSE: SHOP) shares plunged 10.2% on Monday, June 13, as growth stocks continue to get clobbered amid escalating risk of recession. Shopify, once a pandemic favorite, has seen its stock sink by a whopping 77% year-to-date. This comes as investors are staying away from high-multiple growth stocks due to record inflation and rising interest rates. Shopify provides an e-commerce platform that enables merchants to set and manage an online store and sell their products. The company’s shareholders recently approved a 10-for-1 stock split, and a new voting rights plan for co-founder and CEO Tobi Lütke.
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Shopify (NYSE:SHOP)
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