But they&#x27;d have to pay for it with <i>their own money</i>.  They can&#x27;t use Apple&#x27;s cash to pay for Apple.  When Apple buys its own shares back, it effectively increases the ownership percentage of its remaining investors -- who still own all of Apple.  Spending all of Apple&#x27;s cash on buybacks wouldn&#x27;t fundamentally make it any cheaper for anyone to take Apple private.