Their entire “PBC” governance structure was designed from the beginning so that they could entirely avoid accountability to shareholders. Their board answers to no one.

I suspect when the company eventually falls prey to the intractable economic forces they’re up against (Google, OAI, Deepseek, commercial real estate, power) and the company goes bankrupt and gets stripped for parts because all inputs are commodities and capital becomes the only limiting factor, we’ll see regulation that prevents this PBC scam from ever being pulled again on public markets.

It’s a good thing that companies have a fiduciary duty to their shareholders. It’s such a lesswrong/autistic trope to invent these kinds of complicated tricks to work around realities they don’t like, and when pension funds and everyday Americans start bagholding their junk debt and are forced to bail them out, they’re going to face unimaginable blowback.

Fortunately, once shareholders get involved we would be entering the swan song phase, so wouldn't have to suffer for long.

Idk I expect being beholden to shareholders and the market will impose some level of rationality here

Actually cutting off potential users would probably be counter to short term profit maximization that shareholders care about.