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Tech giant, Meta Platforms, Inc. (META), with a $482.4 billion market cap, announced a whopping $40 billion share repurchase program representing around 10% of its market cap at announcement on February 1, 2023. Its competitor, Pinterest, Inc. (PINS) also announced a $500 million share buyback this week representing less than 3% of its market cap at announcement.
Buyback activity edged up a bit as companies have started reporting their Q4 2022 earnings. A total of 17 companies announced buybacks last week compared to 13 companies in the prior week. Eight of these 17 companies announced buybacks that equaled or crossed the $1 billion mark. ON Semiconductor Corporation (ON) and Vertex Pharmaceuticals (VRTX) announced $3 billion buybacks each representing around 9% and 4% of their market caps at announcement respectively.