I'm curious about share buybacks. If a publicly-traded company amasses a pile of cash, isn't that cash owned by the shareholders? If the company uses that cash to purchase its shares, aren't shareholders being paid with their own money?
Those who want to sell will just "exchange their stock for cash". Some might want to do so, others might not. The bought back shares are destroyed so the overall stock price rises: nothing is gained, nothing is lost (in value), it's just cash that came out.
share buy backs increase shareholders percentage of ownership. it is the opposite of dilution. it also drives the share price up in the ahort term by increasing demand for shares.
It's basically equivalent to dividends.
It's a strategic cash pile that could be used by Apple to further increase shareholder value. If they want it back now, they can raise a shareholder revolt and replace the board. Good luck with that. Such a move would also be expressing a massively pessimistic outlook on AAPL's future. You don't see this so much with 'successful' companies with CEO's that carry mostly good will.