Microsoft Shares Edge Higher on $60 Billion Buyback Program

Microsoft Shares Edge Higher on $60 Billion Buyback Program
A smartphone is seen in front of a Microsoft logo displayed in this illustration taken on July 26, 2021. Dado Ruvic/Illustration/Reuters
|Updated:

Microsoft Corp. shares rose 1 percent in early trading on Wednesday after the company announced a $60 billion share repurchase plan, its biggest ever.

The announcement comes just days after two U.S. Senate Democrats unveiled a proposal to tax corporate stock buybacks to help fund President Joe Biden’s $3.5 trillion investment plan.