Almost no companies have direct elections because CEOs rightfully hate them, shareholders get scared and can make uninformed decisions, and the board is better informed to decide on the behalf of shareholders. In the cases they do exist, stock is issued with different voting rights to prevent activist shareholders turning over a company without the board's approval. Also in this case, even if there was a direct election structure at Epic, there is no other 11% for Tencent to convince. Sweeney himself owns more than 50% of the stock.