According to BlockBeats, on August 28, American companies are planning to buy back stocks at a record pace. According to data from Birinyi Associates, as of August 20, announced stock buybacks have exceeded $1 trillion, making the time taken to reach this scale the shortest in history.
Large companies have been approving large-scale buyback plans in the past few months, with Apple announcing a $100 billion stock buyback after releasing its quarterly results in May. Alphabet, JPMorgan, Goldman Sachs, and others have also announced buybacks of at least $40 billion each. Last month, the total amount of buybacks announced by American companies reached $166 billion, setting a record for the highest in July.
Rubin, the president of Birinyi Associates, expects the total amount of buybacks announced by the end of the year to reach $1.3 trillion. However, the buybacks have also drawn criticism from some members of the Trump administration, with Treasury Secretary Mnuchin specifically criticizing Boeing for its 'massive' buybacks instead of investing in research and development. (Jin Shi)