Can someone please help explain this WACC in words. What does it mean? How can you read this? What does the WACC percentage mean?

WEIGHTED AVERAGE COST OF CAPITAL (WACC) Amazon.com Inc., cost of capital Value1 Weight Required rate of return2Calculation 977,609 0.96 5,696 0.04 ity (fair value) t (fair value) 1 USD $ in millions Equity (fair value) No. shares of common stock outstanding x Current share price 16.71% 2.10% -2.99% x (1-29.84%) = 487,741, 1898 $2,004.36 = $977,608,929,584.04 Debt (fair value). See Details Required rate of return on equity is estimated by using CAPM. See Details> Required rate of return on debt. See Details Required rate of return on debt is after tax. Estimated (average) effective income tax rate (20.20% + 36.61% + 60.59% +-% + 31.80%) 5 = 29.84% WACC-16.06%