The equity value affects your access to capital, if I remember right. So, if you want to take out loans to ramp up after the virus clears, you’ll be impeded by

The equity value affects your access to capital, if I remember right. So, if you want to take out loans to ramp up after the virus clears, you’ll be impeded by a low stock price. Not saying this is a good move by IBM, but there may be reasons other than evil rich executives.