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