Amazon stock rose 7% in after-hours trading after the tech company announced a 20-for-1 stock split and a $10 billion share buyback authorization.The stock finished the regular trading day at $2,785.58, up almost 3% in a stellar session across the board for Wall Street.
Shares in the company have been comfortably above $3,000 throughout 2021 before slumping this year along with those of many other tech firms.
They have risen more than tenfold over the past decade, making Amazon one of the world’s most valuable companies, with a market capitalization north of $1.4 billion.A stock split reduces the share price and boosts liquidity, but it does not change the value of the company.
Amazon’s new price point will make individual shares more affordable, and founder and executive chairman Jeff Bezos often included mentions of individual retail investors reaping small fortunes from their Amazon stock in his letters to investors.
Read more on deadline.com
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