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  • crank@beehaw.org
    1·
    2 years ago

    Dont ceos serve the board? I am only vaguely framiliar with this kind of business but i donnot think he “owns” it? But i may be confusing that with a post IPO structure.

    • The Cuuuuube@beehaw.org
      2·
      2 years ago

      Board is elected by shareholders. Until the IPO, there’s no way of knowing what percentage of the company each interested party owns. If spez or his buddies own 51% or more of the company, the company runs on “fuck you, I do what I want” style. The leverage investors would have would be 1) what to do with the percentage of the company they own 2) withdraw money 3) buy out spez and his buddies 4) sue if they can prove the company misrepresented what it was going to do with their investment money.

      Which route they’d prefer would depend on their assessment of the total valuation of the platform and the contractual terms of their initial investment

      • crank@beehaw.org
        1·
        2 years ago

        great answer thank you!

        so, sounds like #3 could be good if there is anyone decent with enough money to spend on it. which I can’t imagine who that would be.

        A lawsuit would take ages, even if it was simple, which I doubt would be the case, and I doubt a judge is going to make specific rulings about API fees or whatever.

        Wild fantasy: form a collective (some sort of formal co op structure) of users/mods/devs and buy out some investor(s), OR wait til the IPO and buy lots of shares to have a formal voting bloc. What do you think? I am thinking of some sort of semi democratic/representative structure. Better or worse? It burns to the ground in chaotic drama, or it manages to be barely coherent enough to function with all internally competing interests?