[hn_go_brrrrr]

I was in one of these. We got equity and benefits, but we were explicitly exempted from normal bureaucracy. Our exec sponsor (and nominal manager) asked that we tell him before we launched or signed a big customer, and that was about it. Otherwise, we could do whatever we wanted with basically no oversight.

I'm pretty sure we could have gotten away with spending most of our time playing video games on the company's dime, if we had wanted. We probably would have been fired once someone found out, but that's pretty universal.