I'll posit a third option: O appears to have lost his damn mind.

"For years I've been holding you up... I've built this company for NOTHING! And nothing's going to stand in my way. Least of all you."

I... I have no idea what that last line means, so, never mind that, but I can hash out that a) O thinks he's the one who built the company, and from a purely business standpoint that's probably exactly true, and b) he's really resentful of Tony, seems to feel like Tony is the weak link somehow. It's like some kind of weird corporate political gamesmanship: who's responsible for the success of the company, the businessman or the idea man? Clearly, Obadiah thinks it's the businessman, i.e. himself.

Which gives me an idea: okay, so Stark Industries is clearly created by Tony's father after WWII. Obadiah is younger than Stark, so he wouldn't be on the scene then. Could it be that Stark was not a great businessman, either-- just an idea man? who stumbled along in business keeping the company barely afloat? And that Stane came on the scene and made the place a success in the late fifties or early sixties?

THAT would explain a lot about his attitude. Why he's chosen to kill Tony, though, is a whole 'nother ball of wax, but clearly he does see him as useful but expendable.
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