There’s a reductio ad absurdum to stock buybacks I’m not seeing. How far can it go before liquidity of the stock drops to the point it’s de facto privately held? Are there rules about this
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It is possible for a company to take itself private again in an Un-IPO. The rule that forces IPO is triggered by crossing a number of shareholders (200?). If you bought out enough shareholders, the remaining could choose to de-list. Reduces regulatory compliance obligations.
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Why would it be privately held? The equity percentage of each repurchased is spread out among the remaining stockholders.
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Indexes have liquidity requirements for inclusion.
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As a practical matter, the issuance of new stock to corporate officers is more than enough to offset the buybacks




