The issue is that value doesn't necessarily mean money. In terms of money, is Apple
really the most profitable company in the world? We know that it's not, so why do they have the highest market cap? Because people value their shares for more than just the present dollar value. People
want to be part of Apple regardless of its profitability.
The negative shareholder value argument depends on a summary characterization of all investors as people who only care about money. Not all investors are like that. You can create shareholder value out of anything that your shareholders value, which is not to say that "shareholder value" should even be a serious metric. It's just a narrative that anti-corporate people have drummed up.
