• Natanael
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    2 days ago

    They have talked about some parts of it. They got funding from Twitter under his direction and got to keep the funds when Twitter bailed on their side of the contract as Musk bought it (the initial plan was to move Twitter to a new protocol)

    It’s a public benefit corporation. Jack can’t legally do much at all after having left the board

    • 73ms@sopuli.xyz
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      2 days ago

      yeah I’m aware… doesn’t really refute anything I said. If he holds a share then he can do what any investor can do and how much he can do depends on how big his share of the company is.

      • Natanael
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        2 days ago

        No, public benefit corporations specifically don’t work like that. They’re comparable to non profits in that manner

        • 73ms@sopuli.xyz
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          2 days ago

          They’re not. In practice PBC status doesn’t really limit them very much at all and is nothing like nonprofit.

          • Natanael
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            2 days ago

            That really depends on the state and company bylaws. It’s not just a label.

            https://bsky.social/about/faq

            The existing team (which jack isn’t on) owns it, and nobody from Twitter has influence over it

            • 73ms@sopuli.xyz
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              13 hours ago

              It’s not just a label but it guarantees practically nothing because it only means they are allowed to consider things other than shareholder profit. It doesn’t in any way ensure that they do and a PBC is mostly treated just the same as a for-profit company.

              Obviously it isn’t just the team that owns Bluesky at this point since they have had multiple rounds where they’ve raised venture capital. That is an old bit of information that I think they still have up on the site despite it being both vague and obviously false.