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Amazon announced a 20-for-one stock split and a $10 billion share buyback

This is Amazon's first stock split since 1999, and it will provide investors with 19 additional shares for every share they own. On June 6, trading will begin based on the new share price.

Amazon's share split is similar to the one announced by Alphabet Inc, Google's parent company, last month. Since 2020, several large corporations, including Apple Inc, Tesla, and Nvidia, have split their stock. Amazon's stock, which closed at $2,785.58 on Wednesday, has nearly doubled in the last two years, as demand for both its e-commerce and cloud computing businesses has increased in the aftermath of the COVID-19 pandemic.

"This split would give our employees more flexibility in how they manage their Amazon equity and make the share price more accessible to people looking to invest in the company," an Amazon spokesperson said.

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