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They’re not ‘sitting on’ a pile of stock; it gets bought back and cancelled. A company can issue more stock any time it likes, so in that sense every company is ‘sitting on’ an infinite pile of its own stock all the time.

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A company doesn't have to destroy the shares they buy back, they can opt to retain them and use them for employee compensation or later reoffer them.

Ah, thank you. I didn't understand that and now this all makes a bit more sense to me.

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