Amazon shares were trading around $128 on Monday morning as the company's 20-for-1 stock split took effect. In March, the retail giant announced its board had approved the the stock split and authorized a $10 billion buyback of shares.
Monday marked the first time in about five years that Amazon's stock was trading in the three-digit range, reported Market Watch. The company's stock reportedly closed Friday at a pre-split price of $2,447.
A stock split doesn't directly impact the value of a company, but divides existing shares into smaller pieces. In the case of Amazon, with a 20-for-1 split, investors holding one share of stock worth roughly $2,500 on Friday would have started Monday with 20 shares worth approximately $125 each.
An Amazon spokesperson in March said the split-adjusted share price will make shares more accessible to potential investors and give employees more flexibility in how they manage their equity in the company. The company on Monday said it didn't have any new comments on the split.
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The stock split Monday is Amazon's first since 1999. Several tech giants have unveiled stock splits in recent years, including Google parent Alphabet, GameStop and Tesla. Apple, which kicks off WWDC on Monday, announced a 4-for-1 stock split in 2020.