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this post was submitted on 15 Nov 2023
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One of the benefits of not going public, I guess
But it only works as long as the replacement for Gabe Newell has the exact same ethos about the business. Changing hands always risks changing how things function at a company. Unless Newell has been practically grooming a successor for years, it's very likely that a replacement will want to "shake things up."
When Newell retires/passes, things will change. Time will tell if it will be for the better or the worse.
Supposedly he's doing this with his son. Only time will tell though.
Great, the Kendall Roy of Valve
Not exactly. Of course Gabe could be replaced by some idiot who fucks everything up, but if Valve doesn't become publicly traded it will continue to be in the best interest of whoever ends up owning it to continue doing things this way. Gabe doesn't do good things just because. He does it because happy customers means more money in the long run.
Publicly traded companies on the other hand need to extract as much money as quickly as possible and have no regards to what will happen to it a few months later. So even if Gabe dies, all Valve needs is a leader interested in what's best for itself.
How much time do we have?
Well he's 61, and the average life expectancy for males in the US is 73ish. He is well-to-do, so he likely has better access to healthcare than most, meaning he will be one of those who lives past 73. I'd suspect we have twenty years at best, but more likely about 10 years if he retires at a "reasonable" age.
Unfortunately gabe is also overweight and hence has the health risks associated with being overweight. So him only living till the average age has a higher possibility.
Private companies owned by institutional investors are no better.
The real difference is the the founder still own the company.