I don't know what to make of all these strange objections to completely normal and rational business processes. People describe them as if they are somehow a bad thing.
The only thing your description is missing is that while the total market cap goes down, the individual share price should go up because the number of outstanding shares is smaller. This is how the company transfers value to the shareholder that has not sold their stock.
The only thing your description is missing is that while the total market cap goes down, the individual share price should go up because the number of outstanding shares is smaller. This is how the company transfers value to the shareholder that has not sold their stock.