The EFF has some info about the practice - https://www.eff.org/pages/list-printers-which-do-or-do-not-display-tracking-dots.
I imagine there are ways and means of obfuscating / anonymizing the dots such as blocking the printer from emitting them (e.g. an empty yellow cartridge that the printer perceives as full), modifying the firmware, using a burner printer, or using a mono laser jet.
As a side issue, most modern bank notes have a bunch of yellow circles integrated into the design on each side. They look random but they're in a recognisable pattern called a constellation that enables devices like copiers / scanners to recognize when people are trying to copy money or other financial instruments like checks.
Sounds to me like shareholders should call his bluff and be rid of him. Maybe then the company won't be wasting money on boneheaded vehicles like the Cybertruck.