Why Citron's Andrew Left Is Shorting Shopify

The video discusses the overvaluation of Shopify by the market, highlighting its customer base and alleged FTC violations. It compares Shopify's business practices to those of Herbalife, focusing on undisclosed partnerships and misleading claims. The video also analyzes Shopify's revenue model, contrasting it with other SaaS companies, and argues that Shopify's stock is overpriced. The speaker suggests that Shopify's value should be halved, even without regulatory intervention.

What implications does the speaker suggest regarding the number of Shopify's core customers?

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How does the speaker justify the claim that Shopify's stock is overpriced?

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What does the speaker predict about the future of Shopify's stock price?

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