SURE.....................
February 10 2023
Buyback announcements reached a new record of $1.22 trillion last year, and they’re already on track to beat that high in 2023.
Companies have announced about $175 billion worth of planned stock buybacks so far this year. That’s more than double last year’s pace, according to data from EPFR TrimTabs.
This year will likely be the first with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices.
Chevron
(CVX) said last month that it would
triple its spending on share buybacks to $75 billion. Exxon
(XOM) said it would issue another $35 billion in buybacks and Facebook-parent Meta Platforms saw its stock surge by 20% after the company
announced plans to boost its share repurchase plan by $40 billion.
Buybacks, are a tool that allow ultra-wealthy executives to manipulate markets while funneling corporate profits into their own pockets instead of the economy. Preventing companies from repurchasing their own shares, they argue, would free corporate cash to invest in growth and raise wages instead.
Stock buy back don't make anyone richer, except the rich.
A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.
On Thursday, Yahoo announced plans to cut 20% of its global workforce, or more than 1,600 people, as it restructures its advertising technology unit,
Axios reported. The news came less than 24 hours after Disney CEO Bob Iger told investors that the media and entertainment giant is
cutting 7,000 jobs in an effort to reorganize and operating reduce costs.
The downsizing followed significant reductions at companies including Twitter and Meta late last year.