This is true, but it’s not the only factor. Staying private allows a company to not be predatory, but it definitely does not guarantee it - it simply allows the executives to choose. It’s the combination of Valve being private and Gaben always staying true to his values despite his incredible wealth that gave us Steam in its current form.

I’ve known plenty of private companies that were as shitty as a public one, or more. Quality executives are vanishingly rare, particularly at this level of company value.