El-Sayed wants buybacks banned as crypto spends record sums on them

Michigan Senate candidate Abdul El-Sayed says stock buybacks should be illegal. His comment, which came days after General Motors unveiled a $20 billion repurchase, does not broadly affect crypto buybacks. Buybacks in the crypto sector run on two separate tracks, and only one of them will be affected by the ban El-Sayed is calling for . Should buybacks be illegal? Abdul El-Sayed, the Democrat in Michigan’s November 3 Senate race, wrote on X on Wednesday that “stock buybacks should be illegal,” accusing GM executives of paying themselves and shareholders instead of funding workers and new products. Prior to his post, General Motors (GM) announced a $20 billion buyback plan that the United Auto Workers (UAW) called the largest buyback in U.S. automaker history.

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