What idiot buys stock in a company where the marketed stock does not allow any control over the company? (Th Sulzberger-family-owned class of stock controls the board of directors).
Same deal with the long-term prospects of people who bought google stock
Same deal with the long-term prospects of people who bought google stock
And Ford Motor Company, from the late twenties until recently.
Henry and his son Edsel dreamed up this scheme to transfer the majority of existing stock to a foundation (the Ford Foundation, of course); but the catch was exactly as you have described: the majority of stockholders had a diluted vote-per-share so that the small percentage retained by the family represented a controlling interest.
They were said to be the inventors of this arrangement.
In Ford's case, the public couldn't even buy shares until 1956 when the Foundation started selling it off. I think that they eventually sold virtually all of it.
As to who would buy that kind of stock, well lots of people buy stock based on its performance--or even personal whim--without having any thought of trying to control the company through its board of directors. And entrenched management usually has its way with them through proxy power. Of course, it does get interesting when the 'long knives,' i.e., takeover specialists start battling the old guard for control.