Nike overpaid $7.9 billion buying back its own stock
Sportswear company Nike spent roughly $12.1 billion on buybacks for stock that would now be worth about $4.2 billion. The company paid an average $97.57 apiece for 124.4 million of its own shares since June 2022, and its stock opened for trading today at $33.70, leaving Nike’s purchases with a $7.9...