Shopify falls, Rosenblatt says investor concern about Meta Pay overblown
BUZZ-Shopify falls, Rosenblatt says investor concern about Meta Pay overblown ** US-listed shares of e-commerce firm Shopify SHOP.O slide 5.8% to $139.11 in morning trading
** Jane Wong, a security researcher and former Meta META.O employee, posted on X a picture of a Muse checkout that showed Meta Pay as a payment option in addition to Link by Stripe and Shop Pay
** Rosenblatt says investors freaked out, driving SHOP shares down; Meta Pay does not seem to be a new way to pay but an extension of Meta's existing wallet into the Muse experience
** "Meta Pay does not seem to be disruptive to Shopify Payments or Shop Pay in its current form" - brokerage
** SHOP shares gained in the previous two sessions after the Canadian firm announced partnership with Meta on AI-powered shopping
** Up to last close, SHOP down ~8% this year
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))