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Where can you possibly borrow $22 billion with stock as the collateral?

Acquisitions with much of the purchase being done in stock. My understanding is that this is very common.

Even if your understanding was true, it still supports my original statement - stock is not cash, and you can't easily get much cash for it on the scale of tens of billions.

The first part of your sentence makes it sound like you strongly disagree with my understanding. Can you elaborate?

My point wasn't that you can turn stock into cash, but that you can turn stock into some of the same things that large amounts of cash might be used for -- acquisitions.

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