Amazon said that it plans to split its stock for the first time in more than two decades with a 20-for-1 split. Amazon last executed stock splits in the first couple of years following its 1997 IPO. Amazon said that the split was aimed at giving employees “more flexibility in how they manage their equity” and making the stock “more accessible” to average investors. If approved by shareholders, the split is likely to be effected in June. Amazon’s stock split follows that of Alphabet which also announced a 20:1 split in February. Amazon also announced a $10bn share buyback program. The announcements sent Amazon’s stock up over 10% in post-market trading.

Amazon’s bonds were marginally lower, with its 2.1% 2031s down 0.4 points to 93.34, yielding 2.8%.

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