If companies decide to stay private the vast majority of people won't be able to invest in companies. As well as companies will be taken private more often. If you own a company like TSLA where the revenues don't make the stock price you would be better of being private and showing the company is "worthless" in terms of profit.
Also to add, public companies have to share their financial records. Private companies can keep them private for the most part (not to the government though). It will make financials more opaque.
That makes sense
> and it will shut off wealth building for many.
Can you elaborate on how would wealth building be shut off?