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A lot of the stock buy-back is actually to offset dilution due to share buy-backs. In 2022 SBC was $7.5bn, previous years being $6.1bn, $5.3bn, $4.6bn and in 2018 $3.9bn. Suggesting that this is "returning value to shareholders" is plain wrong. It is enriching insiders at the expense of shareholders by distributing shareholder capital.

Take a look at this: https://rockandturner.substack.com/p/a-free-lunch-no-such-thing . It will shock, amaze and and disgust you in equal measure.

Investors need to be aware of what is going on here. Microsoft is in the middle of one of the biggest financial scandals of modern times.

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