Buybacks are actually better for employees with unvested grants. If you have 100k in unvested stock and a dividend is issued, you get nothing. But an equivalent buyback raises the price and now you vest a higher amount.

> They're more employee hostile than dividends, that's for sure

Why are buybacks more employee hostile than dividends?

Because I have to sell the shares and I get a bunch of cash. Dividends could happen yearly and for significant amounts, considering how cash rich these companies are.

For the whales, sure, they're great, since they do the whole "borrow against the share price and extend forever".