Recap: This will be Amazon's fourth stock split since going public in 1997, and its largest by far. The first took place in June 1998 on a 2-for-1 basis, followed by a 3-for-1 split in January 1999. The last split also came in the dot-com era, a 2-for-1 split in September 1999.

Amazon in a recent filing with the Securities and Exchange Commission (SEC) said its board of directors has approved a 20-for-1 stock split.

The proposal is subject to shareholder approval at the company's upcoming annual shareholder meeting slated for May 25, 2022. Should everything go according to plan, the split will occur in early June with trading on a split-adjusted basis expected to begin on June 6, 2022.

An Amazon spokesperson told CNBC the split would give employees more flexibility in how they manage their equity in the company and make the share price more accessible to those interested in investing in Amazon.

Amazon is the latest in a line of big tech companies attempting to make their stock more accessible to mainstream investors. Alphabet last month announced a 20-for-1 split that's set to go into effect this summer. Nvidia completed its 4-for-1 split last July. Apple and Tesla split their stocks in August 2020, on a 4-for-1 and 5-for-1 basis, respectively.

Amazon's board also authorized the company to repurchase up to $10 billion of its common stock, which it believes will enhance long-term shareholder value.

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