They are protecting themselves mainly to protect themselves. By accumulating so many voting shares they've inculcated themselves from the possibility of any bottom-up mandated changes. They are, literally, not accountable to shareholders.

Some may think that's a good thing, some may not, I don't really have an opinion. But the fact is that they can sell the shares at any time they want for any reason they want and the money can then be spent on anything they want. It's a type of economic paternalism, but it is what it is.