Shares of Shopify (SHOP) fell 6% on the day that the Canadian e-commerce company

completed a 10-for-1 stock split.

Shopify’s stock dropped 5.6% to $42.59 in Toronto trading, bringing its decline for the year to

73% as its business slows coming out of the pandemic and investors abandon stocks of high

growth, unprofitable companies.

Shopify is the one of several technology companies to split its stock this year. Amazon (AMZN)

and Alphabet (GOOGL) are each splitting their stock on a 20-for-1 basis, and Tesla (TSLA) has

announced plans for a 3-for-1 stock split.

So far, the stock splits have not attracted retail investors as markets around the world continue

to selloff. Amazon’s share price fell in the days immediately after it split its stock at the start of

June.

Shopify’s stock split was approved by shareholders at the company’s annual meeting held on

June 7. During that meeting, a proposal to give the company’s chief executive Tobi Lutke a

special “founder share” passed with 54% shareholder approval. Under the plan, Lutke retains

40% of the votes at the Ottawa-based company.