It actually does hurt them though. First of all companies offer shares after IPOs all the time. Things like stock options for employees and acquisitions with new stock are common. High share prices help a company that way. Then the next part is lending. Companies with high values get better lending options from banks and the market in form of bonds. This is already a problem for them in Europe, which has a lot of ESG. It is not going to kill them, but it will make life harder for them.