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I mean, I get it, servers cost money, traffic costs money.
But there’s a little gray zone between going broke and sucking out every cent possible. Isn’t making enough money enough?
Shareholders need ever increasing value or they will sell their shares. In the US at least, it is illegal to not provide shareholders with value. The only way to reliably get value is to fuck over your customers at every turn and fire half of your employees every few years
The old is new again with same bastards in suits. Just like the 19th century railroad craze which had some hedging their money but then lost the investment game.
Are you exaggerating with the “illegal not to provide value” part?
No. Like, go to jail illegal.
I have no words besides “wtf”
That’s the reason we should get rid of publicly traded companies.
Then you would still have private equity firms fucking everyone over, but with even less regulatory oversight.
I think publicly traded companies should be nationalized under an independent and thoroughly-audited oversight body accountable to the taxpayers, and any profits generated should be distributed to fund public works, social services, welfare benefits, and civil sector orgs.
And the idea of infinite growth needs to be abandoned entirely. These major internet companies need to be viewed as a public utility, and their goal should be to provide stable, reliable, quality services rather than churn an endless profit. This can only be done after nationalizing them though.
We might be able to get the left-libs on board by using tax incentive structures and laws to make it way more attractive for big investors to seek steady profit levels, which would also reduce the necessity to nationalise companies. Windfall taxes are one way, where you take almost every piece of profit above a certain ceiling.
Obviously we should still nationalise natural monopolies like Amazon and Google. Internationalise them, even.
One step after another, and don’t look down.
The US can’t even ban elected officials from trading stocks. It has a president who openly brags about his own grift and nobody does a thing. I don’t think it’s going to happen soon…
In the word of Jim Stephanie Stirling, “They don’t just want a lot of money. They want all the money.”
See, this is why I would suggest to switch to the post-scarsity model of Star Trek. Then they can have all the money, but it’s completely worthless.
Then why does quark charge latinum at the bar?
Because he’s not part of the Federation. All the people’s needs are met with replication technology.
When you’re a Trillion Dollar company, you don’t need MORE money. You make enough to make everything run without additional income.
But obviously a trillion dollars is still not enough. We need more.