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He created 100,000 shares. 3,711 of those shares are in other peoples' hands. Sounds like he still controls about 96% of himself. So why does he care about thei
by chasing 13y ago
He created 100,000 shares. 3,711 of those shares are in other peoples' hands. Sounds like he still controls about 96% of himself. So why does he care about their votes?
Anyway: This whole thing seems wildly narcissistic. Who gives a shit if he moves in with his girlfriend or gets a vasectomy? These are issues to be decided between KMikeyM and his friends/family, not someone who gave him a few bucks for some fake "shares." Especially if he doesn't know that someone personally.
- deleted 13y ago[deleted]
- cosmie 13y agoHe cares because his 96% interest is non-voting. I'd be interested in knowing how this works in a legal framework, and if his shareholders have any legitimate legal recourse if he decides to ignore them.
- chasing 13y agoAch. I missed that bit. I'll stand by the rest of my comment, though...
- cosmie 13y agoI stand by the rest of your comment as well. I personally believe it's a stupidly short-sighted endeavor that at some point he will want out of, but to each his own. My comment on the legality of it stemmed from curiosity on what would be necessary to "take himself private" at some point.
- jonknee 13y agoIt sounds like you didn't even skim the article... Here's a portion of the opening introduction: > Over the next 10 days, 12 of his friends and acquaintances bought 929 shares, and Merrill ended up with a handful of extra cash. He kept the remaining 99.1 percent of himself but promised that his shares would be nonvoting: He’d let his new stockholders decide what he should do with his life. He cares because he's a non-voting shareholder and the shareholders care because they are his friends and family.
- cosmie 13y ago>He cares because he's a non-voting shareholder and the shareholders care because they are his friends and family. His original shareholders were friends and family, however after it/he took off online and an exchange was built, a large portion of his voting shares are now owned by internet strangers.
- huherto 13y agoIt brings up all sorts of moral, financial and ethical questions. It is also provides insights on what happens with public traded companies and start-ups where people not invested emotionally get to make the decisions. Read the article it is pretty entertaining.