Shopify Inc. surged on Wednesday to become Canada’s most valuable company — but can the e-commerce giant survive being No. 1?
Ottawa-based Shopify edged past Royal Bank of Canada to become the largest publicly listed company in Canada. The achievement comes with a dubious distinction, however: those that leapfrogged the value of Canada’s largest bank in the past have faltered.
Royal Bank, incorporated in 1869, has been Canada’s most valuable company for years, but has been been eclipsed on a few occasions. Shopify closed with a market value of $121.3 billion ($85.6 billion), surpassing Royal Bank’s $120.5 billion.
The last company to surpass Royal Bank’s market capitalization was drugmaker Valeant Pharmaceuticals International Inc. in July 2015. Months later, the value of the Quebec-based company plunged amid controversies over business practices, accounting and drug pricing. Valeant has since been renamed Bausch Health Companies Inc. and has new management and a different