I mean, depending on the number of owners, a private company like Reddit (per Wikipedia) can function internally like a dictatorship or oligarchy. Occasionally they can be benevolent, but consider dictatorships in nations: how many of those are benevolent?

Ultimately, anything less than workplace democracy (like Mondragon) will likely devolve into rampant exploitation at some point in time, and even they aren’t completely immune, just generally less bad than their alternatives.