This would be disastrous for startups - for $100 you get a say in what we do?

How deep does that go? Change of control events? That would basically mean that a startup would have to disclose that they were in negotiations for acquisition/investment/whatever, with whom, and for how much. That would basically mean potential acquisitions would become public knowledge - it's hard enough keeping them quiet when it's just the startup, their investors, and the acquirer involved.