authorized stock

As Stellantis made crystal-clear when it authorized stock buybacks this year, the industry is more than willing to divert badly needed investment funds into the pockets of top executives and powerful Wall Street firms.

The company also said it would buy back $10 billion of its shares this year - roughly 4 percent of its market capitalization - and raise its total authorized stock buyback to $35 billion from $25 billion.

This can be done if the buyer pays all cash or has enough authorized stock and, following stock exchange rules, issues less than 20 percent of its authorized capital.