Honest question.
-
"literally - someone gives Bluesky money to cover their expenses, without taking some stock or other BS as reward."
Doesn't work that way. No one just provides money for nothing and stock and/or options or convertible debt are the mechanisms.
-
@mastodonmigration May be I was not correct with usage of legal terms, I just was trying to say that they gave investments without getting formal ownership (stocks). Basically, I don't care what it is - options, or "convertible debt".
Being able to demand "Do X or we will stop funding" is NOT "nothing" for me. -
Have you read this @davetroy piece?
Without Sky: Social Media and the End of Reality
People are flocking to Bluesky in droves, but creators and users should think critically about the risk of capture by potentially hostile investors.
America 2.0 (america2.news)
He concludes with this:
“In summer 2023, Bluesky converted from a public benefit LLC to a public benefit C corporation, a for-profit entity with a standard corporate shareholder structure, and a stipulation that shareholders cannot sue the company for choosing to pursue its public benefit mission over profit.”
And two more points…
-
…which are:
“Delaware Public Benefit Corporations are required to distribute a report to shareholders about their progress towards its public benefit every two years, but are not required to make those reports public.”
“But there are really only two reasons for firms to invest in Bluesky: because they think they will profit, or to effect a set of geopolitical outcomes. Both of these paths are fraught with hazards.”
