Amazon.com Inc said on Wednesday its board approved a 20-for-1 split of the e-commerce giant's common stock and authorized a $10 billion buyback plan, sending the company's shares up 7% in extended trading.
Amazon's stock, which closed at $2,785.58 on Wednesday, has nearly doubled over the last two years, when demand for both its e-commerce and cloud computing business surged in the wake of the COVID-19 pandemic.
"This split would give our employees more flexibility in how they manage their equity in Amazon and make the share price more accessible for people looking to invest in the company," an Amazon spokesperson said. The stock buyback replaces the previous $5 billion stock repurchase authorized by Amazon's board in 2016, under which the company had repurchased $2.12 billion of its shares.
After shares declined about 16% amid a tech rout this year, the company's market capitalization stood at roughly $1.4 trillion as of last close.Reporting by Chavi Mehta in Bengaluru and Jeffrey Dastin in Palo Alto, Calif.; Editing by Shailesh Kuber
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