A PBC still has outside equity owners who need returns and have voting power. The designation gives the board permission to weigh stakeholder interests to avoid lawsuit, but: 1) it doesn’t change what the investors who funded the company actually need from it, and 2) it doesn’t change the fact that those investors own the equity and can replace the board if they’re unhappy.

As the other person mentioned, the problem with our current system capitalism is they still need to know someone “with tens of millions of dollars to burn.” Someone who, once they own a controlling interest, can just replace the board with people who prioritize returns. If we lived under socialism, those tens of millions of dollars would just come from the state as a low-interest loan that doesn’t confer control.