Amazon on Wednesday said its board of directors has approved a 20-for-1 stock split.
It’s the first split since 1999 and the fourth since Amazon’s IPO in 1997.
The company also said its board has authorized Amazon to buy back up to $10 billion worth of shares.
Were the split to happen as of Wednesday’s close, the cost of each share would go from $2,785.58 to $139.28,
and each existing holder would get 19 additional shares for every one they own.
Amazon is the latest highly valued tech company to pull down the price of each share through a split.
Google parent Alphabet announced a 20-for-one split in February. In mid-2020, Apple disclosed plans for a four-for-one split, and Tesla told investors it was instituting a five-for-one split.
After shares declined about 16% amid a tech rout this year, the company's market capitalization stood at roughly $1.4 trillion as of last close.
Don't worry, Amazon stockholders (which is pretty much everyone with a retirement account, these days) -- your stakes will still be worth the same. You'll be holding 20 times more shares when all is said and done.