Voting rights tied to the length of time one has held shares? That cannot fly. It certainly sounds like a great deal for founders, who would have owned their shares longer than anyone else, but is totally unworkable for outside investors. How does one value a share that, if sold, would immediately diminish in value? How is a lender to grant credit based on such collateral? Options would be massively difficult, leading to a secondary market for shell contracts in order that shares need not officially change hands.
I see massive instability. Say everyone votes on some matter on day one. If that same vote occurs later in time the results may shift, even if nobody sells any shares. So any decision taken by shareholders is time-specific. That doesn't promote long-term thinking. Rather, it promotes gamesmanship and trickery to ensure that votes happen when most advantageous to whomever is in control of the schedule.
Markets are not some invention that can be re-invented overnight. They are the result of a thousand years of contract law, codified recently but based on long-standing principals. Altering those principals to suit the desires of founders cannot happen overnight. Don't like it? Don't take the windfall. Don't go public.
I see massive instability. Say everyone votes on some matter on day one. If that same vote occurs later in time the results may shift, even if nobody sells any shares. So any decision taken by shareholders is time-specific. That doesn't promote long-term thinking. Rather, it promotes gamesmanship and trickery to ensure that votes happen when most advantageous to whomever is in control of the schedule.
Markets are not some invention that can be re-invented overnight. They are the result of a thousand years of contract law, codified recently but based on long-standing principals. Altering those principals to suit the desires of founders cannot happen overnight. Don't like it? Don't take the windfall. Don't go public.