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this post was submitted on 20 Oct 2023
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The difference is HBO is a media company that largely operates in the US, and Jon Oliver making fun of them isn’t going to hurt their business at all. Apple is a hardware company that also makes media. And selling hardware in China is critical to their business. Since the CCP owns China, they can get their panties in a twist and just ban Apple. Like they did with government devices.
As a publicly owned company they have a legal responsibility to maximize profit for shareholders. It’s the same reason why Twitter had to agree to the sale to Elon Musk and why they had to force it. It was a terrible move overall but since Elon was buying all outstanding shares and taking it private, the board literally had no legal choice but to take it since he was offering well over market value.
Public companies don’t get to take moral stands when there’s money on the line. They legally have to put shareholders first.
"Public companies...legally have to put shareholders first."
I thought this too, but it is apparently a myth.
"There is a common belief that corporate directors have a legal duty to maximize corporate profits and “shareholder value” — even if this means skirting ethical rules, damaging the environment or harming employees. But this belief is utterly false.
To quote the U.S. Supreme Court opinion in the recent Hobby Lobby case: “Modern corporate law does not require for-profit corporations to pursue profit at the expense of everything else, and many do not.”
https://www.nytimes.com/roomfordebate/2015/04/16/what-are-corporations-obligations-to-shareholders/corporations-dont-have-to-maximize-profits
Rare supreme Court w I guess? I dunno
It’s a good line in what is otherwise a very, very bad SCOTUS decision that a for-profit corporation can ignore laws protecting female employees because of the corporation’s religious beliefs.
So bizarre that companies are capable of believing in gods.