Shopify shareholders give CEO 40% voting stake

By

Benjamin Fitzgerald

Published
Jun 8, 2022

​Shareholders of Shopify Inc 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.

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.

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