By that logic is every SF startup that pays 6 figure SWE salaries and offering perks like catered lunches but aren't making any money also "robbing shareholders"?

Can certainly be framed that way. And the second the returns wobble it will be.

Yes, but they’re not public companies. VCs go into the game knowing they’ll be diluted. The pension fund that owns your public company has different views. Public markets view this very differently hence why it’s getting attention this morning.