“The $18 billion remainder funded two types of stock buybacks: first, $6 billion in ‘open market purchases,’ where the company simply bought its stock from existing investors at prevailing prices; and secondly, two rounds of ‘Accelerated Share Repurchase’ programs. Under an ASR, a company like Apple buys its shares from an investment bank, which essentially shorts the stock by borrowing shares (typically from its clients) which it then delivers to the company for a fixed, upfront price. Over the term of the ASR agreement, the investment bank then seeks to buy shares to replace those it has borrowed.”
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