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?
One of the worst companies in recent years has been Purdue Pharma, which worked with the also shitty McKinsey to get as many Americans addicted to opioids as possible, and make billions on the epidemic.
Both Purdue and McKinsey were privately held.
Koch industries is also a terrible privately held corporation.
Being public versus private doesn’t make a difference, in my opinion.