Shopify falls, Rosenblatt says investor concern about Meta Pay overblown

By Reuters News

** US-listed shares of e-commerce firm Shopify 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

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