Google parent company Alphabet has authorized $70 billion in share buybacks, according to a recent announcement by the company, with shares rising over 3% in extended trading. The move has attracted attention due to the company's recent layoffs and cost-cutting measures, which were implemented last year. Alphabet cited "a different economic reality" and overhiring as the reasons behind the cutbacks. Though some politicians, including President Joe Biden, have criticized share buybacks and have supported a 1% tax on such practice, investors like Warren Buffett have supported share repurchases, arguing that they make existing shares more valuable by reducing the number of outstanding stocks. Alphabet's buyback authorization is expected to be executed from time to time, with the company taking into consideration the economic cost and prevailing market conditions. With Alphabet repurchasing more of its own stock than any other company aside from Apple in 2022, it remains to be seen if the buybacks will go towards increasing shareholder value, while also addressing the company's financial struggles.