alt Hacker NewsIf only the shareholders had any kind of voice - if only it was illegal to issue a fake IPO where you sell an overwhelming number of shares stripped of their voting power - if only the market responded rationally to this boondoggle.
If we're going to right the ship in turn of common sense a bunch of people need to lose a bunch of money, I just hope it doesn't mostly hit passive investors and instead lands mostly on Elon-stans.
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How is it legal to have different share classes? You could make 100 shares that can vote and then sell 99.9% of the company while maintaining full control. Seems strongly against the spirit of a publicly traded company
I suppose they kind of do, they could sell the stock and drive the price down. That wouldn't force Musk to change direction, but it would hurt his wealth.
If only you there were companies who could choose which type of shares they'd like to offer...and if only people could buy the types they want from the company that aligns with their ideas...
Passive "investors" can go and invest in ETF or whatever else that does not include company shares without voting rights.