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@y6
"I am now here for the people and not the place."
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Thanks for the Laugh...
i think the rest of us are only here for the Paycheck!
^_^
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@gk "announcing $2 billion the same year you did two mass layoffs is tone-deaf."
Reason why I am no longer putting much effort into this place. I'll help out fellow team mates and people in lower roles to hopefully get them to move up, but that's it. I am now here for the people and not the place.
I wonder how many layoffs this $2 billion in planned buybacks could have prevented. The sole purpose of stock buybacks is to enrich the C-suite. When a company buys back its own stock the supply of stocks available decreases. The result is an increase in value of the remaining stocks. And guess who holds the majority of those stocks? Yep, C-suite. The stock increase also makes good for executive bonuses.
Here are some fun facts on stock buybacks:
Stock buybacks were considered a form of market manipulation and were illegal until the SEC legalized them in 1982.
The top 1% own 54% of the stock market's value. The top 10% own 93% of the stock market's value. The bottom 50% own 1% of the stock market's value. When buybscks happen this is where that increased value goes.
Stock is a major part of CEO compensation. In 2024, JB's base pay was $126,923 with $8,125,017 in stock. MR will see a nice boost to this number with buybacks.
In my opinion, announcing $2 billion the same year you did two mass layoffs is tone-deaf.
Sources:
https://casten.house.gov/media/in-the-news/theres-a-reason-why-stock-buybacks-used-to-be-illegal#:~:text=From%20Forbes%3A,the%20C%2DSuite%20tool%20shed.
https://inequality.org/article/stock-ownership-concentration/
https://www.salary.com/tools/executive-compensation-calculator/jeffrey-j-brown-salary-bonus-stock-options-for-ally-financial-inc
@a5
WRONG!
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Stock Buybacks exist so that C-levels can award themselves with even Larger Compensation Packages
^_^
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@OP unlocking shareholder value. Do you even listen? This was explained in the earnings call.