you cant just chose if u don't want IPO it tells you cant go back when u IPO. !!
You can you just need to buy back all shares from shareholders but he did not do that and is causing all shareholders a huge loss
So technically he stole 45k from the shareholders due to them losing value of the 17% shares which the public owned. This is not the first time he has done something like this so is it even worth trusting him anymore?