Basically, Biden is threatening to effectively end individual ownership and the profit incentive. The notion that corporations should serve the interests of their shareholders was explained by the late great Dr. Milton Friedman in an oft-cited New York Times article published in 1970. At the time, there was a debate raging about the purpose of a corporation. Dr. Friedman’s article, for example, dealt with questions such as, “Whether a company ought to lower prices to help offset inflation even if it meant foregoing profit?”
