Google's owner decided to bail out $70 billion worth of shares
Google's parent company, Alphabet, announced that its board of directors has approved a $70 billion stock buyback from investors.
The IT giant has significantly decided to accelerate its strategy to return investments to shareholders through buybacks. Alphabet also said
it would consider the price of the securities and market conditions when deciding whether to buy back shares.
In 2021, Alphabet bought back more of its own stock (by
$50 billion) than any other public company except Apple. A year earlier, the board had only approved
$25 billion worth of stock purchases.
