Stocks bought back disappear (making each remaining share reflect a larger percentage of the company). It is in general the reverse of a public offering in whic

Stocks bought back disappear (making each remaining share reflect a larger percentage of the company). It is in general the reverse of a public offering in which money comes in and new shares come into existence (making each previously existing share represent a smaller part of the company). This is not technically exact, but probably a good mental model.