Nobody cares if you do good work. Telling ridiculous, embarrassing lies (to external people, new hires, and colleagues) is the most highly valued skill. People sit around laughing about the extreme lie they told, and get praised for it. It is always somebody else who take the consequences of their lie. This is why the good people quit or get pushed out. The dishonest people get scared of being exposed and create a toxic culture by their behaviour.
There is no desire to actually build good, functional software or innovate businesses which add value to the world, only to keep telling bigger and bigger stories to get investor cash for mediocre ideas. These businesses will mostly fail.
All decisions are made by the personal opinions of a mini political clique close to the CEO. The current group enjoys the power, but it wont last long because there is a blame-purge of senior management every 6 months, when the investors become unhappy and demand change.