Echo Fox Owner Rick Fox Leaving Citing Racism from a Shareholder, confirmed by the team

I mean think about it, the racist dude is obviously a majority stakeholder. So let's say that he holds 51% of shares in the company. If you kick him out, your company is worth less than half of what it did. Companies are in the interest of pleasing shareholders so they can become more valuable, thats their entire purpose. Not to make money, but to create value. And you don't please shareholders by telling them their share value just dropped by 51%, thats how you lose shareholders.

So they probably want to lose the guy, but can't right now. That's why they're probably making it so clear, making a public event out of it so they can get the public on their side first; let the public know that they definitely are a company worth investing in because they have ethics. Then try to kick him out later, because once public faith is high enough in the brand, they won't suffer as badly when they drop the racist. If they don't do this first and just try to kick him, without enough people knowing exactly why, they won't bounce back.

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