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Companies also get bought out by other companies and then change drastically overnight.
Yes, without question. That's usually a fast-track to a highly toxic place, because often the people that they have acquired are viewed as just somehow being there accidentally, or worse, illegitimately, because the new management had no role in finding them, hiring them, and working to create/preserve a culture with them.
Also, many weak managers just want loyalists and that kind of personality just worries that they didn't get to vet people so the people they have bought won't be sufficiently loyal...