[steveklabnik]

BLUESKY SOCIAL, PBC is registered in Delaware. Here's the relevant law: https://delcode.delaware.gov/title8/c001/sc15/

> a public benefit corporation shall be managed in a manner that balances the stockholders’ pecuniary interests, the best interests of those materially affected by the corporation’s conduct, and the public benefit or public benefits identified in its certificate of incorporation.

There is no language about committing a percentage of profits to a cause.

[shafyy]

You are right that it's not specifically required do donate a certain percentage of your profits. It's even more vague than that. It basically just means that you need to commit to a certain "public benefit" in your certificate of incorporation:

"The Certificate of Incorporation of a benefit corporation commits the company to spending some of its profits or resources (or both) in support of a specific public benefit. If a benefit corporation decides to stop doing business and dissolves, the shareholders receive the proceeds of the sales of assets, after liabilities are paid." (from https://www.delawareinc.com/blog/non-profit-corporation-vs-p...)

[steveklabnik]

I fully agree that a PBC isn’t a panacea. That doesn’t change the fact that you’re confidently asserting incorrect things. I don’t expect that you’ll change your mind, so I’m not trying to convince you, I just want to make sure that the facts are laid out.

[shafyy]

That I change my mind about what?

What I'm saying is that very likely Bluesky will grow for a few years without making a cent of profit, and be acquired by another company. And this has not much to do with if they are a PBC or LLC or whatever...

[steveklabnik]

> But the decisions you made with ATProto so far make real federation almost impossible.

This kind of stuff.

> very likely Bluesky will grow for a few years without making a cent of profit, and be acquired by another company.

Or this bit.

It's fine, you're entitled to your opinion. I see things differently. I just mean I'm not trying to convince you of that stuff.

[computably]

% of VC-funded tech startups that exit via appreciable >$0 acquisition is actually not particularly high relative to total failure/success, which makes sense if you think about it. The odds would seem even lower in this case just for mentioning the word "federated," regardless of the tech.