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Why StoneCo Plummeted Today

TheMotleyFool

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Shares of Brazilian fintech StoneCo (NASDAQ: STNE) were down big in Friday trading, with shares off by 12.8% as of 1:46 p.m. ET.

While many other growth stocks were hurting today as investors took near-term profits and long-term interest rates rose, StoneCo announced a fairly large shake-up of its board of directors that will see one of the company's co-founders leave. That seems to have thrown investors for a loop.

On Thursday evening, StoneCo announced the retirement of three longtime board members and the appointment of two new members.

Source Fool.com

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