Is this how one might build a vapour startup corporation and cash out. I am not advocating this. I am curious.

I start by listing a vapour startup corporation. People who like to gamble, I mean invest, buy stocks in the corporation. I pay the "brass" (CEOs, etc... and me the founder) high wages and pensions, just like most other corporations. Then the corporation, having no revenue (other than those "investments") declares bankruptcy and delists.

Is this how the game works?!? What am I missing?