Comments by "Plato\x27s Cave alum" (@platoscavealum902) on "Democracy Now!"
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@mickeywood3012 : "Do they sell shares on the NASDAQ? If they do, they're not private."
⬆️ WRONG
A business can definitely be a "private enterprise" — and be "publicly traded" at the same time, as per Wikipedia:
In most cases, public companies are private enterprises in the private sector, and "public" emphasizes their reporting and trading on the public markets.
— source: Wikipedia: Public Company
I know it’s confusing, but the word "public," in the case of a publicly traded company — doesn’t colloquially mean: "public" — how you would normally understand that word in everyday use.
In the case of a "publicly traded company" (whether traded on NASDAQ or elsewhere) — "public" simply refers to the fact that — any person, out in the public — can buy shares of the company.
A "publicly traded company" is still a "private enterprise" — it’s just that it’s not necessarily designed to benefit the public, like a "public park" would, for example.
(Moreover, "publicly traded companies" are required, by law, to disclose their finances at regular intervals (quarterly and annually) — so that the public can have a lot of information to help them decide if they want to invest in a particular, publicly traded company. In contrast, private companies — that are not publicly traded on an exchange like the NASDAQ — are not required to publicly disclose their finances to the public.)
I see a lot of confusion about this all the time. I hope this helps you understand the deeper meaning behind the phrase "publicly" traded.
Mickey, thank you for your valuable time.
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