ii) I can think of lots of founders who are still running the show while owning well under 50% of the company - Bezos, the google guys, Zuckerberg, Tesla/SpaceX, Dell (at least he took it back). How strong is the evidence other tech investors really are too risk averse?
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Why bad? Only bad if they engage in active management. Otherwise it's just a sovereign wealth fund - the govt is accumulating wealth and when dividends are paid it can use that to fund expenditure, or borrow against its savings.
OK — Is there any percentage of total ownership stake that you would *not* want the federal government to have? >20%? >50%? Would it have the right to sell its holdings? Borrow against them? Might it eventually try to do either of those things in some roundabout way?
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(Remember that if there is significant capital flight, other tax revenues will drop dramatically. The same populist fever dream that seeks to literally trap the wealthy who want to leave will have to be trusted to not do what it likes & claim it's not violating any agreements.)
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The main concern with this is that they would become active managers. The share that's too much is when other investors don't have enough of a stake to actively manage well. They can sell off their shares if desired, that seems fine. Don't see a prob with borrowing against them.
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