Amazon stock has split and trading begins Monday

Amazon stock has split and trading begins Monday

Amazon shares closed at $2,440 on Friday and will be split 20-to-1.

Amazon shares will begin trading around the $122 level on Monday following the retail giant’s 20-for-1 stock split approved by shareholders last month.

The move, which will bring shares down from Friday’s closing price of $2,440, is expected to usher in a new crop of investors while rewarding the current holders.

In a statement shared with FOX Business after the March announcement, Amazon said it would make the share price more accessible and more flexible for those looking to invest in the company.

Investors of record on May 27, 2022, will receive 19 additional shares for everyone held, the company detailed in a filing with the Securities and Exchange Commission.

Amazon shares have fallen over 26% this year, mired in the stock market selloff that has shaved over 23% off the tech-heavy Nasdaq Composite as investors wrestle with a slowing economy,

Amazon posted its first quarterly loss since 2015 of $3.8 billion or $7.56 per share compared to $8.1 billion, or $15.79 during the same period a year ago.

Tesla, in March, floated the idea after disclosing that its board of directors approved a proposal to enable a stock split in the form of a dividend, contingent on final board approval.