this post was submitted on 15 Nov 2024
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This cannot be overstated. That's exactly how Elon ended up with Twitter, and nobody should think for a second that there aren't richer, more tactful billionaires who could keep people credulously swimming in the propaganda in order to make their power plays.
I give it four years before their first enshittifying changes are announced.
It's not even that complicated: at some point the non-billionaire investors are going to want a return on their investment, and they're going to push BlueSky, Inc. public and that's the end of that.
An IPO is every bit as bad for independence as a nutjob buying your company, because you're really just selling your company to every nutjob who puts up $10.