[robocat]

They don’t need more ownership: “The result is that Spiegel and Murphy own a whopping 99.5% voting control of the company.” - https://www.marketwatch.com/story/as-snap-melts-down-its-fou...

[maerF0x0]

my point is if the stock price jumps then the buyback occurs at a greater price per share, making the effect of the buyback less effective (fewer shares are eliminated)