Christopher SchmidtApr 25, 2023

Google today announced that the board has approved $70B of stock buybacks.

Stock buybacks are not considered a universal good: "Some economists and investors argue that using excess cash to buy up stocks in the open market is the opposite of what companies should be doing, which is reinvesting to facilitate growth (as well as job creation and capacity)."

At Google that might mean things like (for example) "Choosing not to fire 12,000 employees."

Show threadwakingrufusApr 25, 2023
@crschmidt
Stock buybacks are one thing... But paired with layoffs? Pure evil
Show threadChristopher SchmidtApr 25, 2023

@wakingrufus Yeah, if you really can't come up with anything else to do with your money, buybacks are not an unreasonable thing to think about.

But "Keep paying the people we hired earlier this month" seems like it should have been in scope of something Google could have considered doing with its money.

Show threadAlex Zani
@crschmidt @wakingrufus I'm so glad that they lied to us about why they were saving their cash reserves. That's always just fantastic.
Apr 25, 2023 at 10:01pmWeb
Show threadChristopher SchmidtApr 25, 2023

@AlexandreZani @wakingrufus "We have a giant bankroll to ensure that we can weather any short-term financial difficulties!"

*labor gains a modicum of leverage*

"_almost_ any short-term financial difficulties!"