It is a small business, not a major corporation... he wanted investors (well... donators) not business partner... (and the deal was pretty clear from the start... only some IPOer didn't understand it and thought they were business partner and had a say in the business decision)
How is that an argument at all? Who does not want money? And who wants to split the profits of his business?
Try to go to your neighbourhood grocery store and propose the manager/owner money in exchange of partnership and you'll see what I mean...
You ignore the fact that some people still wants to own their business (meaning he never wanted a democracy... )