Shopify CEO Tobias Lutke Files Form 144 to Sell $81.1M in Class A Shares

Executive Summary

On September 4, 2026, Tobias Lutke, Officer and Director (CEO) of Shopify Inc. (SHOP), filed a notice of proposed sale on Form 144. The filing covers a planned sale of up to 550,500 Class A Subordinate Voting Shares with an estimated aggregate market value of $81,127,185.00 at an assumed price of ~$147.37 per share.

Transaction Details

• Security: Class A Subordinate Voting Shares
• Brokers Involved: Solium Capital ULC (24,000 shares) and PWL Capital Inc. (526,500 shares across two tranches)
• Proposed Sale Date: Beginning approximately September 9, 2026
• 10b5-1 Plan Adoption: Sales are executed pursuant to a Rule 10b5-1 trading plan established on December 8, 2025.
• Ownership Breakdown / Origin:
  • 46,758 shares from RSU vestings
  • 87,750 shares acquired via gift
  • 438,750 shares originating from converted Class B Multiple Voting Shares
  • Portions are to be sold via entities controlled by Lutke (Thistledown Foundation and 7910240 Canada Inc.).

Context and Impact

Tobias Lutke has maintained an active 10b5-1 trading program with recurring sales over the past three months. While high in aggregate monetary value ($81.1M), the planned execution represents pre-scheduled sales under Rule 10b5-1 and represents a minor portion of total shares outstanding (1,208,570,347 shares).