Snarky complaints are cheap. What are you proposing exactly? Should people donate their capital to businesses and expect nothing in return? Should all businesses continue operating forever?

Again. This is why this used to be illegal. Why should the new shareholders have the right to destroy something others spent decades building? A successful company constantly provides sustainable returns, then a group comes in and says "that's enough, let's milk this cow until it dies. Thanks for doing the hard work! Also, to the shareholders that got screwed as the company stock crashes finally - too bad, play again".

When you own something that means you have the right to do pretty much whatever you want with it. That is the fundamental social contract with private property. If I want to buy a bunch of diamonds and smash them with a hammer then I can do that, regardless of whether you think it's a good idea.

Businesses fail for all sorts of reasons. Sometimes they get too aggressive with the capital structure and blow up. This is a feature, not a bug. While the experience may be painful for some stakeholders in the short term, over the long term this creative destruction unlocks latent value and increases economic growth.

And if old shareholders want to prevent new shareholders from having the ability to destroy the company then that's easily accomplished. Just establish separate share classes with different voting rights. Many companies already do this.