Comment on SpaceX stock drops to a new low and loses $1 trillion in value in a month
GregorGizeh@lemmy.zip 4 days ago… If i had a company and it were successful, and i decided to go public, i would only issue that kind of voteless share or whatever they are called, so that i would be protected from shareholder pressure to some extent. Was that not clear somehow? Or did you just want to go for the snark
Kazumara@discuss.tchncs.de 4 days ago
No I’m just pointing out that your view on who should morally control the company is wrong from the start.
GregorGizeh@lemmy.zip 3 days ago
How so? Shareholders are the worst cancer on the economy, but at the same time hard to eliminate without a revolution.
The proper order should be that people invest in a company they believe will do well, not because they seek to exert control over it. If you do not believe the company is operating in a profitable manner you should not buy, or sell your, shares.
You state this is wrong. Why? In my opinion, if we must have institutionalized gambling, we should seek to keep it from exerting undue influence, even in the shareholders own long term interest. Of course this would not allow the leadership to just do whatever with the money, reporting and oversight should if anything be improved upon.
ApathyTree@lemmy.dbzer0.com 3 days ago
Companies aren’t required to go public in the first place so it’s a rather moot point. They actively choose to be in the situation where they are beholden to shareholders.
If you owned a company you could just, like, not go asking rich people for money to grow or whatever (what IPO is, basically) and grow naturally on your own merits. Then you don’t even have to worry about what kind of votes people might have.
Kazumara@discuss.tchncs.de 3 days ago
Non-voting common stock is a scam pulled by these fucking billionaire founders to reduce public participation, and concentrate their power, even as they use other’s money for their pet projects.
If a company just needs to take up money for an investment, it can issue bonds. Then it gives up no control, but enters into a fair agreement with someone loaning them capital at fixed rates, with no pretense of ownership.
If they sell shares, that is supposed to represent partial ownership and allow all the owners to collectively decide on strategy. It also brings with it the right to recall board members who go insane, like Musk or Zuckerberg. To prevent that these scumbags issue non-voting stock, or stock that has such reduced voting rights as to be essentially useless. Like SpaceX recently, all the IPO shares (class A) carry a tenth of the voting rights compared to the ones they kept (class B).