Perhaps. But they buy it back at market value, so they just become another stock market investor. Even if you argue that my point is invalid (and you can certainly make that argument), that happens so infrequently as to be negligible.

I guess that part of my point is that the market value isn't even fixed on how much the company is worth, but on subjective assessments of how much the company is worth. (And then on top of that lies my main point that it doesn't seem to actually make any difference how much the company is worth at all, since none of the money you ever receive from the stock is based directly on the company's worth.)