Power to the democratic shareholder masses! Down with monarchism in the board room!
Seriously. If the founders don't want shareholders mucking with their property, then don't go public. Stay private.
Seriously. If the founders don't want shareholders mucking with their property, then don't go public. Stay private.
If you don't like founders keeping control, don't buy their shares.
There is nothing about going public that implies a general relinquishment of control of the company, nor is there anything about going public that mandates a particular ownership or power structure. Companies have "gone public" by selling only a few percent of their stock. Split voting rights are very common. None of this is even remotely illegal or unethical so long as it is disclosed, as it has been here.
If you do not like a company's control structure, you do not have to invest in it, whether the company is "public" or "private". As a shareholder, your relationship to the company is the same whether it's public or private.