Shopify (NYSE: SHOP) peaked in Wednesday’s trading session shortly after CEO Tobi Lutke tweeted his intention to put his money where his mouth is.
quote-tweet FirstMark Capital founder Amish Jani’s glowing review of Shopify (SHOP -2.1%) direction, Lutke expressed his belief that the stock was oversold after a steep decline in recent months.
“Thank you Amish. Totally agree this is a market rather than a spin,” he wrote. “I just placed a $10 [million] order myself for $ SHOP stock.
Within 20 minutes of posting, shares of the Lutke helms company jumped more than 3% before reversing the gains and eventually pulling back in the reading.
The German-born CEO hasn’t been shy about questioning Wall Street as Shopify (SHOP) stock continues to fall. Lately, his frustration was directed at the analyst models he deemed unreliable and unfairly framed.
“Is there a place where the backgrounds of financial analysts are kept? People seem to pay attention to them, but are they held accountable? he asked his followers on Monday. “‘Company X,Y exceeded analysts’ expectations’ is simply different from the form ‘analysts failed to accurately predict company X,Y.'”
Shares of the Canadian e-commerce company have fallen nearly 80% in the past six months.
Learn more about recent e-commerce trends.