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* Eventually ownership will disperse from the core group of initial owners to investors in general

* As a larger ownership moves towards investors, decisions are made that sacrifice the special sauce in order to increase returns.

* Appeasing general investors leads towards enshittification.

Sometimes a strong leader (Jobs, Cook) can keep the investor class as bay for a period. Sometimes leadership can be consolidated for long periods of time to delay the process (Walton, Zuck), but it feels inevitable after IPO.