> For most people, owning 100% of a company making $1M/year would be preferable to owning 10% of a company making $1B. It's not just that money has decreasing marginal value. It's about what life you want to live.

Being in control of your life, or of anything, is a huge benefit and comes with a big premium. When one company acquires a public company, they usually pay more than the public stock price. If you don't drive to work, owning a car is very likely more expensive than renting, but many buy because control over when and how to drive is gained is worth the cost.