Since the notorious 8/1 email, the stock is down 16%. In just the first month of this year, it’s already down 6%. That’s not volatility or bad luck, it’s sustained value destruction.
Billions lost on bad acquisitions, billions spent on buybacks at higher prices, rising operating costs from rigid RTO and unnecessary real estate, and now plans for even more capital intensive projects. None of it has produced better execution, stronger cash flow, or improved shareholder returns. The market sees it and has rejected it.
RTO didn’t create culture or discipline. It increased costs without creating value. You can’t talk your way into confidence or mandate your way into performance. Investors don’t reward slogans or control. They reward results. And the results, both in stock price and capital efficiency, are undeniable.