Shopify

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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Shopify has removed an online store belonging to Ye, the artist formerly known as Kanye West, after it began selling T-shirts featuring a swastika. The controversial apparel appeared on yeezy.com following a Super Bowl ad featuring Ye. By Tuesday, Shopify confirmed it was no longer processing orders and had taken down the store, citing violations of its platform rules.

Ye’s representatives did not respond to media inquiries. This follows Adidas’ 2022 decision to end its lucrative Yeezy partnership over Ye’s antisemitic remarks. At its peak, Yeezy products generated $2 billion annually, representing 10% of Adidas’ revenue.

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Shopify instructed support staff to give “no comment” on Kanye West’s swastika-emblazoned T-shirt, which is being sold through its platform. Employees expressed discomfort in internal discussions, with some saying they felt unsafe. Former executives, including ex-Chief Product Officer Craig Miller, have condemned Shopify’s inaction.

West’s store remains active, despite the company’s Acceptable Use Policy prohibiting violent content. Shopify has previously removed merchants for extremist views, including Donald Trump’s store in 2021, but has not responded to questions about whether it will act on West’s listing.

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Shopify CEO Tobi Lütke is rolling out “buy local” features on the Shop app following Canada’s response to new U.S. tariffs. The move comes after Lütke criticized both governments, arguing that retaliatory tariffs will harm Canadian businesses. The U.S. imposed 25% tariffs on Canadian goods, prompting Canada to mirror the policy.

While Lütke claims Shopify remains unaffected, economists warn of broader economic fallout. Critics, including U of T professor Robert Gillezeau, accuse Lütke of undermining Canada’s stance. Shopify has not disclosed specifics on the new features, set to launch in Canada, the U.S., and Mexico.

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Montréal’s tech ecosystem gathered at HEC Montréal for the first edition of North Star, an event series organized by Amiral Ventures, Brightspark Ventures, and student groups. The event featured panels of student founders, seasoned CEOs, and a fireside chat with Shopify President Harley Finkelstein.

Speakers emphasized themes of passion, resilience, and balancing obsession with mental health. Student founders highlighted challenges in pivoting from research to business, while Finkelstein championed building global companies in Canada despite structural barriers.

The evening also unveiled the Montréal Startup Guide, a resource for the city’s startup community, aiming to foster collaboration and growth.

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