this post was submitted on 24 Apr 2024
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Technology

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Does enshitification happen because companies are publicly-traded? (beehaw.org)
submitted 6 months ago by hedge@beehaw.org to c/technology@beehaw.org
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Isn't that a prerequisite for enshitification? Publicly-traded companies are required (by law, I think) to maximize profits for their shareholders, even if that means utterly ruining their original product (Reddit, Boeing, etc.), yes? What do you think?

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[–] exanime@lemmy.today 3 points 6 months ago* (last edited 6 months ago)

They may not have to maximise profits but the shareholders will question every decision that doesn't maximise profits so the result is the same.

If that were true, we wouldn't see the obscene salaries of C-suite level execs skyrocket... That money cuts into the profits as well, you know?

They are ok squeezing their workers while giving themselves the sweet life on the company's dime

That's why activist investors that push companies to more ethical behaviour are important.

This is a fairy tale force, like Santa or the boogie man. You'll never get ethical behavior from profit seeking entities