The NYSE is investigating a sharp spike in Shopify's price that led to an estimated $18 million in losses: report

• The New York Stock Exchange is investigating a spike in Shopify stock, according to New York Magazine.
• Shopify surged $100 to $780 in the last minute of trading on March 18.

The New York Stock Exchange is investigating why Shopify's stock rapidly surged by $100, or 14%, in the last minute of trading on March 18, New York Magazine reported.

Shares of the e-commerce company were trading around $680 when they suddenly leapt to about $780 a minute before trading closed, ending the day up 18.65%. It then immediately plunged in post-market trading.

The speed and scale of the move in the stock price was unusual in that there was no news or announcement that might have promoted a market reaction, which was what led to the NYSE launching an investigation.

The NYSE declined to comment when contacted by Insider. Shopify shares were trading around $732 on Tuesday.

Such rapid price fluctuations are not unheard of. Notably, Facebook parent company Meta's stock lost more than 26% and $200 billion in value in a single day on February 3 this year after unveiling its quarterly results. This was the biggest one-day stock crash in market history and the biggest single-day loss in market value of any US company.