Amazon stock jumped late Tuesday as the e-commerce giant announced a 20-for-1 stock split and authorized a $10 billion buyback plan.
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According to the Amazon (AMZN) announcement, shareholders of record at the close of business on May 27 will receive 19 additional shares for every one share held. It will be reflected in their accounts on or about June 3. Trading begins on a split-adjusted basis on June 6. The arrangement is subject to shareholder approval.
Amazon stock surged 7% to 2,990, during after-hours trading on the stock market today.
The company will hold its annual shareholder meeting on May 25. The $10 billion buyback plan replaces the previous $5 billion plan, of which $2.12 billion in shares have been repurchased.
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