If you ignore the dot com bubble around 2000, Microsoft's stock rose quite a bit under Ballmer, didn't it?
Eh? It had a peak in 2008 but stayed at $25 the whole time.
He left in 2014 right? I guess only the last few years it started going up
Stock prices are about whether investors are happy, not about whether the company is actually doing well.
... Guess what makes investors happy?
Profits. Liquidating MS holdings would also increase profits for a short term gain.
Actually if Microsoft liquidated its holdings its stock would drop like a rock... Investors know how compounding works and put a high price on growth, if you send the message that there is no future growth you suddenly are valued at what's in the bank.