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.