Shares in Netflix have reached a record high after the company revealed its share split plan at yesterday's annual shareholder meeting.
Voters approved a plan that allows the internet streaming service to split its shares, paving the way for a 30-fold increase in outstanding shares to 5bn – a big rise from the current 170m.
Since markets opened in New York this morning, share price has risen by 5.62 per cent at $683.61, valuing it at more than $40bn.
Some investors believe share splits are beneficial because they help grow shareholder bases
Chief executive Reed Hastings said the next step would be to seek board approval for the split. He did not reveal the ratio he is considering, however.