The reason why is quite clear if you ask whether this would happen at a company that you owned 100%. The problem of a diverse shareholding base supervising a c

The reason why is quite clear if you ask whether this would happen at a company that you owned 100%. The problem of a diverse shareholding base supervising a company has not been solved. If you are an unhappy shareholder, you don't push for change...you just sell and move on to the next one. Within tech, there is also a cultural issue because so many of these companies end up with VC-led boards or VC-selected managers who are, to be frank, quite terrible (that is the problem with 20 year management teams...the problems of a large company are different to those of a smaller one). Growth at any cost always ends badly. Interestingly, I think some of the companies that went through the late 90s ended up internalizing that...telecoms did, some of older chip companies, unf most companies will always end up learning this lesson too late.