[shafyy]

> Legally, it means that the company has other priorities that it must consider equally to creating profit.

Ok, so it's even more vague than how I understood it. This could mean anything.

Venture capital does not care about profits, they just care about selling their share at a considerably higher price than they bought it within ~ 7 years. In reality, most of the time, this happens through an acquisition. Many times this happens without the acquired company making a single cent of profit.

So how does it matter that Bluesky Social is a PBC in this context? It is still owned and controlled by shareholders, many of them venture capitalists. It can still be sold at an uncapped profit to the share holders.

[purlane]

I think you should reread my comment, as I have already answered this. The "control" that shareholders have over the company is severely limited, and they have limited legal recourse against company leadership if they decide to use profits in a manner they disagree with, but fulfills their charter. It should be fairly obvious in my example that it is not in the best interests of the shareholders to quite literally give away profits.

[shafyy]

You live in a dream world if you think VCs that just gave $23 M to Bluesky have limited control just because it says "PBC" next to the company name.

Look at what happened at OpenAI, and that was structured as a non-profit...