Small shareholders (less than 0.01% holdings) have essentially no voice in a corporation's policy; nor are they a consideration for the board of directors. Sometimes they are the beneficiaries of policies that are satisfying major stockholders, but not in a big way.
In what way does that meaningfully differ from the way a democracy is supposed to be run? Shareholders are treated as "voters" in a democratic organization, where 1 share = 1 vote.
Despite the common wisdom governments tend to care a lot about citizens bitching. A friend used to work as a lawyer for a state utility board. They sit and listen to rants by 75 year old cat ladies and then consider how to mollify them.
Wait, I thought the way this whole "shares and CEO's" thing was supposed to work is that Moldbug would get to decide that, and everything would work just fine afterwards.
No, this metaphor does not work.