Even for The New Republic, this is stupid and totally ignorant of basic principles of investing. There’s no comment section on it, but if there were, I’m sure I wouldn’t be the first to point out that market cap is the total valuation of the whole company– the share price times the number of shares– and that reducing the number of shares is like cutting a pizza into fewer slices. It does not increase the size of the pie. Whatever TNR was in the past, today it seems like a shill publication parroting the party line of economic illiterates like Elizabeth Warren.
National Review has a piece out reviewing an article in The Atlantic in a similar vein, and does a good job of explaining the fundamental stupidity.