Shopify

Former Shopify CMO Craig Miller revealed that Prime Minister Mark Carney was offered the role of President at Shopify in 2020. Miller said Carney was “genuine, thoughtful, and wicked smart,” but ultimately chose Brookfield Asset Management to focus on climate and investing. The position later went to Harley Finkelstein.

Carney’s tech ties also include a board role at Stripe. As Canada votes, Shopify’s leadership has grown more politically vocal—CEO Tobi Lütke endorsed Carney’s character but criticized the Liberal platform. COO Kaz Nejatian publicly supported Pierre Poilievre.

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Toronto-based fintech Wealthsimple has acquired the team behind San Francisco wealth platform Plenty. Co-founders Emily Luk and Channing Allen will join Wealthsimple’s product and engineering teams, respectively, along with three software developers. Founded in 2021, Plenty helped couples manage finances, including tools for budgeting, joint accounts, and even breakups.

The startup, backed by Inovia Capital, raised nearly $11M CAD and will shut down May 10. Wealthsimple says the team’s experience will enhance its offerings for families and couples. Luk previously held leadership roles at Stripe and Even, while Allen served as technical lead at Even.

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Shopify CEO Tobi Lütke has declared the use of artificial intelligence mandatory across the company. In a memo shared internally and on X, Lütke said AI adoption is now a baseline job requirement, with usage factored into employee performance reviews.

Developers must use AI during product prototyping, and additional staffing will only be approved if tasks can’t be accomplished using AI tools. The Ottawa-based firm has deployed internal tools for code generation and review, while its merchant-facing AI suite includes Sidekick and email content generators. Despite a flat hiring outlook, Shopify continues to recruit for AI roles.

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A combative turn in Canadian tech discourse saw Shopify executives publicly rebuke federal policy. COO Kaz Nejatian, President Harley Finkelstein, and ex-VP Daniel Debow criticized government overreach, sparking debate on X. Their complaints helped rally a tech-led reform group, Build Canada, promoting AI-driven governance and deregulation.

Observers worry this rising “broligarchy”—inspired by U.S. tech’s political incursions—undermines democratic norms. Though claiming neutrality, Build Canada aligns with conservative populism and seeks systemic disruption. Critics fear tech elites mistake disruption for governance. As government trust falters, this shift could reshape policymaking—or democracy itself.

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Shopify has introduced a new AI-powered tool that enables merchants to quickly set up and design their online stores. Announced by Shopify President Harley Finkelstein, the feature allows users to input business descriptions, generating up to three free custom themes instantly. The update aims to lower the barrier for entrepreneurs entering e-commerce.

Meanwhile, Shopify’s latest SEC filings have fueled speculation about a potential U.S. redomicile. The company voluntarily filed a 10-K form—a move that suggests deeper financial alignment with U.S. markets. Shopify has not confirmed whether relocation is planned.

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Shopify’s latest SEC filings suggest Canada’s largest tech firm may be moving toward U.S. domiciliation, TD Securities analyst Peter Haynes warns. Shopify listed its New York office alongside Ottawa headquarters in a 10-K filing, a form used by U.S. domestic issuers.

The company also added a U.S. Employer Identification Number and reclassified assets, shifting its balance from 86% Canadian to 78% U.S.-based. The move positions Shopify for inclusion in the Russell 1000 Index, potentially boosting U.S. share demand. The company remains silent on redomiciling but has faced recent DEI rollbacks and controversy over content policies.

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Shopify reported US$2.81 billion in fourth-quarter revenue, up 31.2% year-over-year, surpassing analyst expectations. Merchants sold US$94.5 billion in products, with transaction-based services driving US$2.15 billion in revenue. The company posted an operating profit of US$585 million but warned that 2025 growth would slow.

Its U.S. market contributed 64.3% of revenue, raising concerns amid trade war risks. Investors reacted negatively to Shopify’s cautious forecasts. Meanwhile, Shopify removed Kanye West’s store for selling a Nazi-themed T-shirt, calling it a fraudulent stunt. The company plans to keep its workforce stable in 2025 after prior job cuts.

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