> Buybacks don’t linearly increase share price, the stock is simply exchanging hands
Sure they do. Each repurchased share no longer exists, unless they're issuing new ones at the same time. The total value of the company stays the same, or something else might happen to change the price afterwards, but it should indeed be a linear increase.
The shares don’t cease to exist, they are simply not in the market anymore. And the cash used to buy them already belonged to the shareholders in the first place, no value is added other than price pressure from the reduced float. Market dynamics aside, it is a net zero transaction.
Sure they do. Each repurchased share no longer exists, unless they're issuing new ones at the same time. The total value of the company stays the same, or something else might happen to change the price afterwards, but it should indeed be a linear increase.