Texas Tempts Meta
Also Bally’s Chicago, a MicroStrategy pause, Bitcoin for college and prediction market manipulation.
If you are a shareholder of a public company, how would you like that company to be run? Here are two options:
Which option is correct? I feel like the obvious answer is “it depends.” If you find a ketamine-swilling self-dealing business genius with a radical long-term vision, one who, almost despite himself, makes zillions of dollars for his public shareholders, you might rationally (1) give him money, (2) give him complete creative freedom and (3) take the risk that he might hose you and keep all the profits for himself. That’s a risky trade, for you, but you expect to be compensated for the risk. You trust his vision, and his money-making instincts, more than you trust those of other shareholders, so you’d rather give him total control than have him answer to shareholders.