Google’s parent company, Alphabet, in a much-anticipated bid to return capital into the hands of its shareholders via share repurchases, has gotten the approval for $70 billion in buybacks from its Board of Directors.

This is a significant milestone for the company in 2022, as 2021 and 2019 had seen authorizations of $50 and $25 billion respectively.

The deciding factors for Alphabet when considering the repurchased of shares are influenced by market conditions and stock prices.

Last year, Alphabet was runner up only to Apple for having repurchased a large proportion of its own stock over any other publicly traded company. This left Facebook’s parent company, Meta, trailing behind.

Unfortunately, Alphabet experienced a decline as much as 6% in extended trading, due to missed expectations for earnings and revenue.