I used to work for a place like this with a free beer fridge, loud music playing, etc. The owners wanted young people they didn't have to pay much, and acted like a frat house to get them. It produced exactly the quality of output you'd expect.
Although ignorant of economics, or Wall Street, I partly blame this immature culture for the tumbling stocks. These kids can't run a company. They don't have the stamina. Everything must be fun & games; they get restless & move on. No one takes it seriously. Dour businessmen would be attacked as "patriarchy." Older companies like IBM or even Microsoft were built up by paternal types.
When i worked for Pitney Bowes in the late 80’s we had a Coke machine stocked with beer.
The work days were professional enough but at 5pm almost every night a party would start.