Not sure "why what" but I made 2 points:

- The shareholders shouldn't necessarily be held responsible because most have no input or knowledge when it comes to any shady business.

- The company would perform worse because without the drive for profit (and whatever gray means they use to achieve them) that most private entrepreneurs have, the company would almost definitely perform worse. Privatized companies usually run better because the state might be a good minority shareholder but not the best when it comes to driving a company.

Because the company’s growth story which much of the high valuation is built on is instantly eliminated, sending prices plummeting while the people working inside the company just go on to get new jobs somewhere and make more money.