> I’m strongly of the opinion that going public should be synonymous with surrendering private/individual control of the company. The company is effectively spreading the risk of failure

There's certainly a hypothetical principal-agent risk if someone holds voting power / control without holding any financial risk. In practice, holders of preferred voting power shares usually also have financial interests at stake, and thus are aligned with long-term financial interests.

Proposals that forbid holding control shares without parallel financial interests are more compelling than proposals to outlaw multiple share classes in public companies in general, but again, I think you'd be hard-pressed to find cases where having the law would force de-facto changes, and then the question becomes whether the law is worth its compliance costs.