Let's have a theoretical thought experiment. Let's say there are 100 shareholders each owning 1 share. So that means each shareholder owns 1% of the company. Now let's say the company buys back 50 shares and keeps those 50 shares as treasury stock(instead of reselling them or retiring them) and now there are only 50 shareholders each owning 1 share.
Does that mean that "technically", each shareholder now owns 1 share of outstanding share AND 1 share of treasury stock(thus, 2 shares in total)? Because the treasury stock is owned by the company and the company is owned by shareholders?