I think my terminology might not be the test (non-english native speaker). When I say initial offering, I mean whenever stock is newly (initially) issued - whe

I think my terminology might not be the test (non-english native speaker). When I say initial offering, I mean whenever stock is newly (initially) issued - whether that's in IPO, after an IPO or also in a private offering. Not sure what the correct term would be. My point was, money essentially only flows into the company at that point. E.g. company issues stock, investor A buys it. When investor A sells to investor B, money only flows between these two investors. No money flows to the company. Unless - as you have pointed out - company assumes the role of an investor in its own stock. But the fact alone that a stock price is rising as such does not generate any new capital to work with for the company. And that is a point many people seem to misunderstand. When Microsoft is worth 3.76 trillion USD, that doesn't mean that Microsoft has 3.76 trillion USD it can work with. That was the point I was trying to make.