Oh come on, no sane person is arguing that Elop went the Microsoft route _because_ he's a big shareholder. The reason people bring up the issue of the stock he owns is to point out that not only his decisions at Nokia are mostly consequence free for him personally, but he also stands to benefit handsomely form this decision that many argue is very bad for Nokia and very good for Microsoft.
The scrutiny in this case comes directly from the fact that Elop's actions at Nokia are very much Microsoft centric, and arguably Microsoft serving.