The idea of giving supervotes to founders is always going to come back and haunt investors. Uber is stuck with Travis. Facebook is stuck with Zuck.
Selling the stock is meaningless, since the crux of the problem is that the problematic individuals control the majority of the votes, while holding a minority of the shares. Look at FB. Zuck personally has 3.98 billion votes. All the other shares only have 2.4 billion votes.
So everyone sells, drives down the price of the stock, and then what? Control doesn't transfer. Literally nothing changed. Hell, it might even get worse, if Zuck decides to purchase Class A shares himself.
It's in Zuck's personal interests to maintain a high share price, because his lifestyle is predicated on borrowing money against the current worth of his shares.
Do you really think his lifestyle is going to change if he was suddenly worth a mere 660 million? (That’s a 99% reduction.) I don’t think you really have a grasp on just how obscenely wealthy this man is, and how little it actually effects him.
Selling the stock is meaningless, since the crux of the problem is that the problematic individuals control the majority of the votes, while holding a minority of the shares. Look at FB. Zuck personally has 3.98 billion votes. All the other shares only have 2.4 billion votes. So everyone sells, drives down the price of the stock, and then what? Control doesn't transfer. Literally nothing changed. Hell, it might even get worse, if Zuck decides to purchase Class A shares himself.