Shopify falls, Rosenblatt says investor concern about Meta Pay overblown

US-listed shares of e-commerce firm Shopify SHOP.O slid 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 said 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 was down about 8% this year.