Big Tech stocks

Apple doubles down on buybacks

Data: S&P Global; Chart: Harry Stevens/Axios

Apple again led S&P 500 companies in buybacks, spending a new record $23.8 billion in Q1, more than doubling its spend from the previous quarter, data from S&P Global shows.

Context: Apple has long been a buyback behemoth. The company holds 8 of the 10 all-time records for quarterly buybacks, and has spent more than $75 billion on buybacks over just the past year.

Slack proves that direct listings WORK

Slack logo.
Illustration: Aïda Amer/Axios

Slack went public this week via the most elegant and efficient way possible — a direct listing. The opening auction of the stock cleared around noon on Thursday, at a price of $38.50. It then traded smoothly, under the ticker symbol WORK, for the rest of the week within a pretty narrow range between $36.50 and $42.

Why it matters: No one received preferential treatment. There was no possibility of the kind of scandalous behavior whereby banks like Goldman Sachs receive millions of dollars' worth of kickbacks from clients they place into hot IPOs.