If Jack is the majority shareholder (I don't know if he is, just using this as an example), they have to do what he says.
Twitter has a CEO now, but the majority shareholder is Musk. She cannot do anything without his permission. Were I CEO I would remove that childish poop emoji auto-responder but I don't think she has that kind of authority. Facebook has a board of directors, but Zuck is the majority shareholder, so they have to do whatever he wants, so they spent time and money on the metaverse when a normal corporation might have said let's not.