Alphabet Pivots From Buybacks to a Massive Stock Offering. What It Means for Shares. The Plot Twist Nobody Saw Coming For ten years, Alphabet felt like the generous uncle of Big Tech. Every quarter, like clockwork, Google’s parent company would scoop up billions of its own shares and retire them into the digital ether. It was the corporate equivalent of saying, "We believe in ourselves so much, we're our own best investment." And the numbers were staggering — over the past decade, Alphabet has delivered roughly $357 billion to shareholders through dividends and stock buybacks. That makes it the third-largest capital return program in market history. If you owned GOOGL through the 2010s and early 2020s, you didn't just own a search engine. You owned a shrinking pie. Fewer shares outstanding meant each remaining share represented a slightly larger slice of Google's empire. Earnings per share climbed even when revenue growth was merely solid. It was financial...
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