Shopify shares plunge 20% in company’s worst-ever trading day amid sales Slowdown

- Shopify shares plunged 20% in the company's worst-ever trading day - Canada-based e-commerce company reported a surprising first-quarter loss despite growing revenue by 23% - Second-quarter revenue growth expected to be weaker due to last year's sale of logistics unit - CEO Tobias Lutke's net worth dropped by $1.2 billion due to stock decline - The company faces stiffer competition in the global e-commerce industry and struggles with weaker consumer spending following the pandemic rush for online shopping.

Summarized top reddit comments: - Competitors are impacting Shopify's market share - Drop shipping and high markups have influenced Shopify's success - Concerns about Ruby and cost of revenue - Engagement and community support for Shopify are positive aspects