This should be illegal.
What should? Stock buybacks? Why?
It's usually done to basically pay to increase companies own stock price. They often do it because CEO and executive pay is based on achieving certain goals such as stock price. However, every penny thrown at investors in a buy back is money that could have been used to weather a downturn, or increase employee pay or simply reinvested in the company itself. This often leads to companies then requiring government bailouts to continue functioning when say a global pandemic hits. The Plain Bagel has more detailed video on the ups and downs of stock buybacks on YouTube.
While absolutely true and I believe it should be illegal, Apple is not exactly strapped for cash. If there is one company that could afford buybacks, without hurting their investments, payroll, r&d, hell, even their bottom line hardly budges with these buybacks. They had 166B profit in the last 12 months...
Is there no scenario in which a company could buy back their stocks? Or are companies that offer stock forever stuck with never getting those back? That would kill a lot of opportunities for companies to start up, expand their business, or take advantage of other opportunities to grow. You can't always get money from a bank loan.
Don't bother. They've most likely only ever heard about stock buybacks on social media with little context otherwise. They have no idea the pros of buybacks, only a politically-charged subset of cons.
Prior to Reagan allowing changes, buying back stock wasn't allowed because it was seen as a manipulation of the stock market.
"Those who do not remember the past are doomed to repeat it." George Santayana
Stock buy backs are a tax efficient way to return money to stockholders.
The real issue is when companies borrow money to do this.
I would say stock buybacks are already a real issue, doesn't matter if they're borrowing the money or not. If companies had to actually invest in their employees instead of their rich shareholders a lot of issues in our society today would be lessened.
This
I don't think this applies here. Apple running out of cash isn't really a risk right now.
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