Sorry but IMO this sort of company structure should not be allowed. Private companies should not be able to issue stocks the way Zuck & Elon have. Pull Meta’s charter and redistribute their assets. Let that serve as a notice to Elon that he’s next.
Under that standard why not just strip you of all your wealth and property and redistribute it? You’re not deserving of anything at all.
The argument is that the shareholders who own the majority of a company's stock (by value, not voting rights) should be able to control the company, not a minority owner. It is the corporate structure that allows guaranteed minority control (e.g. Zuckerberg owns something like 13% of Meta, but controls 60% of the voting power). In a free market, why should publicly traded companies be allowed to sell "shares" that are not ownership in the traditional sense?
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Ask almost anyone here and they'll tell you that the C-suite are mostly a bunch of morons who don't know anything about technology, and now you want to ensure that businesses can only ever be run by such technologically illiterate morons, not founders? Insanity!
So if you don't want to to happen just don't issue shares on the stock market ?
Sorry but making laws retroactive is authoritarian. We should make it illegal to propose such things and put you in prison.
It's entirely fair to think that, given what I said, that I would mean to do this without some form of legal basis. Not so!
Is it my view that Meta has engaged in a sustained course of unlawful conduct that persists despite the judgements the law has already applied, and will persist into the future. As a corporation who is consistently in court, and based in Delaware, it surely seems to me the bar has been passed -- the AG of the state would be well within their rights to revoke their charter. Meta's entire basis of being at this point is to control public discourse. That's direct harm to the state and the public at large.
What happens to their assets afterwards is a job for the courts. Applying existing law is "retroactive authoritarian". Pfft, please. Ignorance of the law is not a defense against it.