this post was submitted on 05 Nov 2023
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[–] Tak@lemmy.ml 6 points 1 year ago (1 children)

Private companies still have shareholders who they are bound to make profit for. They're just shareholders not fixated on stock value as it's not publicly traded.

[–] Bartsbigbugbag@lemmy.ml 16 points 1 year ago

Private companies aren’t bound to make profit. I purposefully tanked my companies profit to literally 0 during the pandemic so I could keep my employee on at full wage while only open half time. A private company can make profit for shareholders, but it doesn’t have to. It can do whatever the shareholders want it to do, within the boundaries of the law.