“The former head of Twitter, Jack Dorsey, created it.
He even once said he wanted Bluesky to be a decentralised version of Twitter that no single person or entity owns.
But Mr Dorsey is no longer part of the team behind it, having stepped down from the board in May 2024.
He deleted his account altogether in September.
It is now run and predominantly owned by chief executive Jay Graber as a US public benefit corporation.”
I would encourage everyone to read about what a Benefit Corporation is. It’s still for-profit, but being public benefit gives the officers a little protection from shareholders suing them when stock performance goes down. In theory, this protects them from being driven solely by profit.
However, there’s no real guidance or oversight on whether a company still qualifies for that designation. They can self-audit, they can vote to change to a normal corporation at any time, switch back again, etc. This is not a different tax classification, this is a corporate board promise, and I have no reason to think they’ll stay a public benefit corporation, even if they have the best intentions right now.
Agreed. Still, better than xitter, no? I’m cheering bluesky or whatever, just to watch elon lose eyes.
I just want to see x burn as a result of elon and the last few years though. I have a strong bias (and a gag reaction to cyber trucks), I’ll admit that up front. I feel myself becoming really jaded and I hate it.
Yeah, still a net positive. Not complaining, just informing.
I’ve just seen the “it’s federated (eventually)” and “it’s a public benefit corporation” tossed around on occasion like they’re exonerating evidence, and I would hate to see people get tricked into a false sense of security.
I would encourage everyone to read about what a Benefit Corporation is. It’s still for-profit, but being public benefit gives the officers a little protection from shareholders suing them when stock performance goes down. In theory, this protects them from being driven solely by profit.
https://en.m.wikipedia.org/wiki/Benefit_corporation
However, there’s no real guidance or oversight on whether a company still qualifies for that designation. They can self-audit, they can vote to change to a normal corporation at any time, switch back again, etc. This is not a different tax classification, this is a corporate board promise, and I have no reason to think they’ll stay a public benefit corporation, even if they have the best intentions right now.
Agreed. Still, better than xitter, no? I’m cheering bluesky or whatever, just to watch elon lose eyes.
I just want to see x burn as a result of elon and the last few years though. I have a strong bias (and a gag reaction to cyber trucks), I’ll admit that up front. I feel myself becoming really jaded and I hate it.
Yeah, still a net positive. Not complaining, just informing.
I’ve just seen the “it’s federated
(eventually)” and “it’s a public benefit corporation” tossed around on occasion like they’re exonerating evidence, and I would hate to see people get tricked into a false sense of security.I’m with you. BS isn’t the savior of anything, imo.
I respect your opinion and genuinely appreciate the information also. Thanks for posting that. I learned something today.