It’s not outside capital that leads to enshittification, it’s leverage that enshittifies a service.
Technically more precise, but for companies the leverage doesn’t really exist without the outside capital. Musk taking over twitter was the use of capital to get the leverage.
I can’t think of any business where the owner did a 180 without catering to outside capital or the company being bought out by outside capital.
It is saying not to do things that could make money off of HDII without their permission, including live public performances.