The profession might not dissapear if you raise minimum wage, but the jobs sure will. People who are willing to pay for $10 big macs are far less than the people who are willing to pay for $5 big macs.
But the poor shareholders would be very sad with that, they don't deserve such a misfortune. It's better and easier to just underpay their employees, they don't need to make a living anyway.
I'd be very pissed off if dividends or bond yields from across the industry dropped 50% overnight.
Of the largest shareholders of major corporations are mutual funds, pension funds and such that fund people who are completely dependent on investment income to live. A policy that causes a 50% change in profits would be a massive shock to those people.