Apple Spent $16 Billion Buying Apple Stock Last Quarter - Business ...

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Apple Spent $16 Billion Buying Apple Stock Last Quarter - Business ... Jul 25th 2013, 15:08 Getty Images/Chip Somodevilla Apple head of tax operations Phillip Bullock, Apple CEO Timothy Cook and Apple Senior Vice President and CFO Peter Oppenheimer according to Philip Elmer DeWitt at Fortune.  That's a lot of money to spend, even for a company with $146 billion in cash.  For some context, $16 billion is more than the most recent valuation for Twitter. It's more than 3X the size of BlackBerry's market cap. It's more than Google spent to buy Motorola. Independent analyst Horace Dediu called it Apple's largest acquisition ever.  DeWitt says Apple bought 36 million shares at an average price of $444 a share. Of the $16 billion spent, $4 billion was through open market purchases.  Despite Apple's stock buying spree, shares were down 4.6% from April 1 to July 1.  Imagine what would have happened to Apple's stock if it weren't buying all quarter. How low would it be?  SEE ALSO:  Other Ways For Apple To Spend Its Mind-Melting $146 Billion In Cash Source: http://www.businessinsider.com/apple-spent-16-billion-buying-apple-stock-last-quarter-2013-7

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