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Shopify Stock Down 5% After Its Stock Split

Shares of Shopify Inc. (SHOP) are slipping nearly 5% on Wednesday morning. The company's stock started trading on split-adjusted basis from today.

SHOP is currently trading at $33.36, down $1.67 or 4.76%, on the Nasdaq.

The company had previously announced a stock split of 10:1 with record date of June 22, 2022. The shareholders will receive 9 additional Class A shares or Class B shares, as applicable, for every 1 share held. The additional shares was credited to the investor's account on June 28, 2022.

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