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Can someone give me a quick rundown of Facebook's involvement? I get that they are the driving force behind it but what does it mean in practice? Do they have any power over the currency and its flow? Is Facebook governing the currency? Are there privacy concerns and if so, how do manifest in practice? Is it tied to Facebook stock or something, if not then what's the point?

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They started the whole thing, were the only member of the Libra Association (now Diem Association) for several months, and still fund the staff and almost all of the engineering effort.

Diem is deeply and fundamentally a Facebook project.

Currently a deeply Facebook project, like Kubernetes was a deeply Google project until RedHat joined in. This rebranding and the association in general makes that kind of a transition smoother.

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