Number
United spent 80% of profits on buybacks, now out of cash
Shaan's graph: US airlines blew profits on buybacks—United 80%, Southwest 66%, Delta 50%—leaving them with no cash to survive the COVID crash, so they go to the government for a bailout after enriching themselves for five years.
$80
Share of United's profits spent on buybacks · % of profits
“If you look at in the US, some of the corporations like United, 80% of profits went to stock buybacks. Southwest, 66%. Delta, 50% of profits being used on this. So now these companies, they don't have cash anymore. Because they bought back their own worthless shares.”
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