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In the video, the concept of shareholders as the owners of a company is explained through the analogy of sharing a pizza. When two people agree to split a pizza, each receives an equal share, and this division applies regardless of the number of participants. Just as pizza can be divided into shares among eaters, shares in a company represent the division of ownership and control among shareholders. Each shareholder holds a portion of the company's control, similar to how each pizza eater has a share of the pizza. The video establishes a foundational understanding of how shares operate in a company structure.