Shopify (SHOP) shareholders give CEO Lutke 40% voting stake: Source

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Shopify (SHOP) shareholders give CEO Lutke 40% voting stake: Source

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 Shopify (SHOP) shareholders give CEO Lutke 40% voting stake: Source
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Highlights 

  • Shareholders of Shopify (TSX: SHOP) have voted in favor of protecting CEO Tobias Lutke's 40% voting stake, a source told Reuters.
  • The company in May reported its slowest quarterly revenue growth since going public in 2015.
  • Shopify will carry out a 10-for-one split of its class A and class B shares after investors voted for it, the person familiar with the matter said.

Shareholders of Shopify Inc (TSX: SHOP) on Tuesday voted in favor of protecting Chief Executive Officer Tobias Lutke's 40% voting stake, a source told Reuters, citing preliminary results from the e-commerce firm's annual shareholder meeting.

The company, which in May reported its slowest quarterly revenue growth since going public in 2015, will also carry out a 10-for-one split of the company's class A and class B shares after investors voted for it, the person familiar with the matter said.

Shopify announced the stock split in April, joining a growing list of companies that have split their shares to make them more attractive for investors.

Also Read: 5 top TSXV clean tech and life sciences stocks to buy in June

Shopify (TSX: SHOP)’s Q1FY2022 results

Other stock split announcements this year came from e-commerce giant Amazon.com Inc, Google-parent Alphabet Inc and Apple Inc. Tesla Inc also had said it would seek shareholder approval for a stock split.

US-listed shares of Shopify were up 4.7% at $377.5.

Also Read: Can Cenovus (TSX: CVE) be next Suncor as it restarts West White Rose?

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