Not sure I agree. First of all, they're not majority holders. They have about 30% now and a max of 28% if there are more shares issued. But it's hard to decide who got the better deal, the death spirals or the $450k investor, but both are on the hook for big losses if there aren't enough suckers around to buy their shares.
Meanwhile, it's clear who the losers are in these deals - retail shareholders.
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