All non-stock companies which is the majority of all companies. That’s the problem. When a company applies for a stock market registration, it means that they’re selling off controll and profit sharing of the company I order to gain investments to expand.

All companies start with a single or two owners. The transition from owning everything to including others won’t happen if it means giving up to the majority of control, whether that’s 50% or 5/95%. That’s why many companies get stuck on 51%. It only ever comes over 50% when someone dies or makes a mature decision of letting others control “their” company.