The Enshittification Lifecycle of Online Platforms:

The Amazon example he uses is really easy to follow. Early in the company’s history, the site used to be a great place to shop; their customers loved Amazon. But then Amazon’s sellers became their real customers and the user experience started to suffer. And now, much of the value generated by the users and customers goes to the shareholders (which, functionally speaking these days, means several dozen people who run hedge funds or large investment funds).