com Inc.’s board on Wednesday approved a 20-for-1 stock split and authorized the e-commerce giant to repurchase up to $10 billion of the company’s common stock.
An Amazon spokeswoman said the split will make the split-adjusted share price more accessible for potential investors and will allow employees more flexibility in how they manage stock-based compensation.
The stock split and authorized share increase are subject to shareholder approval at its annual shareholder meeting, which is scheduled for May 25.
Shares of Amazon rose 6.5% in after-hours trading following the news. The stock closed Wednesday at $2,785.58, up 2.4%. Through Wednesday’s close, shares are down 9% over the past 12 months.
The company’s shares have lagged behind those of other technology…
