Amazon Stock Soars After 20-For-1 Split $10 Billion Share Buyback

Updated at 5:14 pm EST

Amazon  (AMZN) – Get Amazon.com, Inc. Report shares surged in after-hours trading Wednesday after the world’s biggest online retailer approved a 20-for-1 stock split and a $10 billion share repurchase plan.

Amazon said shareholders of record on May 25 will receive 19 extra shares of the group for each one held. Trading is expected to begin on a split-adjusted basis on June 6. The group also approved a $10 billion share buyback plan that it said “would enhance long-term shareholder value”, according to papers filed with the Securities and Exchange Commission. Amazon purchased $2.12 billion of a $5 billion buyback plan first unveiled in 2016.

Source: https://www.thestreet.com/markets/amazon-stock-soars-after-20-for-1-split-10-billion-share-buyback?puc=yahoo&cm_ven=YAHOO&yptr=yahoo