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this post was submitted on 20 Aug 2023
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Asklemmy
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The stock market and publicly traded companies. The idea that a business that is making consistent profits isn't good unless those profits are increased each quarter is asinine. This system of shortsighted hyper focus on short term quarterly growth for the sake of growth is the cause of so much pain and suffering in the world. Even companies with amazing financials will work to push workers compensation down, cut corners and exploit loopholes to make sure their profits are always growing. Consistent large profits aren't good enough.
Google stock is literally worthless and does not represent an actual stake in the company for example
Wait what?
They have 2 (3?) types of shares, and the one most people buy ($GOOG) is a class C share which comes with no voting rights and doesn’t give you a share of the company profits.
While class A shares ($GOOGL) come with voting rights, class B shares which are held by Google’s founders and insiders get 10x voting power and so they still hold the majority vote. Class A also does not pay dividends.