Yes ... and?
The part that raises eyebrows is how a non-profit suddenly become a for-profit, from a legal standpoint.
The part that raises eyebrows is how a non-profit suddenly become a for-profit, from a legal standpoint.
> I’m still confused as to how a non-profit to which I donated ~$100M somehow became a $30B market cap for-profit. If this is legal, why doesn’t everyone do it?
Elon Musks image is, for some reason beyond me, one of a "common man" who doesnt know all that much about business (and he's trying to pander to Twitter fans with that).
Even more fascinating is that people are apparently buying into it. As if you can just stumble into that much business success (besides inheriting) without having a very firm grasp on how the corperate structures behind it work.
Yes ... and?
That still wouldn't make it legal. The lawsuit will be decided based on jurisprudence, not based on "what Elon thinks is right".
This is a very amateurish move, tbh. Did they hire Matt Mullenweg's legal team?
Legal, despite the stench.
Private inurement is a thing. There are laws written explicitly to prevent this.
?
OpenAI's non-profit+for-profit structure is detailed at their own site: https://openai.com/our-structure/
It's a non-profit with a for-profit subsidiary. Please elaborate on "wrong."
Non-profits have a mission that has to be aligned with a public/social benefit.
No amount of structuring would help you if it turns out that your activities benefit a private individual/organization instead of whatever public benefit you wrote when setting up the non-profit.
All it takes if a judge ruling that [1] is happening, and then it's over for you and all your derived entities, subsidiaries, whatever-you-set-up-thinking-you-would-outsmart-the-irs. Judges can see through your bullshit, they do this 100s of times, year after year.
And also, "oh, but we wanted to do this since the beginning" only digs you a deeper hole, lmao. Do they not have common sense?
I'm surprised that @sama, whose major talent is manipulat... sorry "social engineering", greenlit this approach.
1. https://www.irs.gov/charities-non-profits/charitable-organiz...