Amazon stock jumped late Wednesday as the e-commerce giant announced a 20-for-1 stock split and authorized a $10 billion buyback plan.
according to Amazon (AMZN), shareholders of record at the close of business on May 27 will receive an additional 19 shares for every 1 share owned. This will be reflected in their accounts on or around June 3rd. Trading on a retail basis begins on June 6. The arrangement is subject to shareholder approval.
Amazon stock rose 7% to 2,990, during after-hours trading in stock market today.
The company will hold its annual shareholder meeting on May 25th. The $10 billion buyback plan replaces the previous $5 billion plan, of which $2.12 billion in stock was repurchased.
Amazon stock fell 26% from a record high
Amazon is joining several major tech companies to announce a stock split. google owner the alphabet (Google), the parent company of Google, a 20 in 1 stock split On February 21. in August , an Apple He announced plans for a 4-for-1 split. Tesla It also told investors in August that it would impose a 5-for-1 split.
A stock split lowers the stock price, which can make it more attractive to retail investors.
As of Wednesday’s close, Amazon’s stock is down 26% from its high of 3,773.08, recorded on July 13.
Please follow Brian Deagon on Twitter at Tweet embed Learn more about technical stocks, analysis and financial markets.
You may also like:
“Beer fan. Travel specialist. Amateur alcohol scholar. Bacon trailblazer. Music fanatic.”