Jesse

Grapes!

Just there. The monkey stole my dad’s glasses and held them for ransom. They seem proud of their bartering abilities and won’t return your items until you offer something yummy.

Great UHNWI reputation rehabilitation opportunity just sitting right there!

Climmigration or Climigration ?

Interesting! Wonder what a list looks like for local news orgs that don’t publish a physical paper. Or if this list changes at all if it includes any non-paper or digital-only news orgs. (I imagine some local public radio stations get good traffic?)

Stockholders. Like normal

There are about 20 publicly traded PBCs

It’s possible to structure a Public Benefit Corporation as publicly traded, but that doesn’t seem to be the intent

“taps the sign” as they say

bsky.app/profile/jess...

Small Farms Could Feel Pinch From Reconciliation Bill Podcast Episode · KQED's The California Report · 07/10/2025 · 12m

Periodically reminded that many small farmers are deeply progressive idealists working in a very hard business

Well, I’m excited to read this new book “The Women Are Not Fine” by my wife’s coolest cousin who lives in Budapest @hopereese.com :)

My memory is that The Count of Monte Cristo was written as a weekly serial so the chapters are cleverly structured to hook you so you want to read the next week

A good reason to embrace a stakeholder corporate governance model (over stockholder capitalism) like a PBC

So we may as well have a party!

What an ugly bill and ugly vision for our country. Hard days ahead.

I’ve always included an oral component in the final and it’s one of my favorite parts of class

fwiw PBCs can be publicly traded, and D/Os have shifted fiduciary duties: instead of prioritizing financial return (stockholder value), PBCs must balance 1) stockholder value, 2) public purpose in charter, and 3) those materially affected by the company’s conduct…but public market pressures persist!

Creating Guardrails to Protect our Common Interest Free market capitalism has made us healthier and wealthier for more than two centuries. But there is growing recognition of the costs we are paying for short-sighted business decisions that prioritize...

You may find the work of Rick Alexander et al provocative, if you’re not yet familiar

theshareholdercommons.com

“maliciously withholding funds harms our citizens and creates a financial emergency to which we must respond” is not uncompelling

Probably not :) but thanks anyway!

If you were to ask me in 2019, I would’ve said around 5yrs to fully complete. But now it’s a much harder question bc OpenAI has gotten itself into a potentially existential predicament. At some level they are just trying to survive. To understand their situation you have to start at the beginning.
🧵

It may not be in everyone’s interest to pull it off by EOY

Sort of … in a lawyerly way 😉

Yes, it’s ugly 👇

It’s potentially existential trouble. Will OpenAI go under before it can close a deal with MSFT, SoftBank, and new investors? I’m not in the prediction business. But they’re playing a very risky game with very sophisticated investors and partners who are very eager to gain access to OpenAI’s IP.
🧵🦈

OpenAI on the other hand is pressed for time. Not only is it an unprofitable startup, but in addition to its relationship (essentially joint venture) with MSFT, it’s taken on new debt from SoftBank. That debt is ticking away. If it comes due before OpenAI converts and recaps, that’s serious trouble.

With the conversion of the LLC into a PBC (note that the c3 is NOT converting—it just holds Global equity, allegedly as its sole asset) the valuation questions are ripe. As you’ve pointed out, MSFT doesn’t have to agree to the conversion if it’s unhappy with the equity split. It’s got options.

There’s a real possibility that a court or AG’s office decides the c3 misvalued the IP it transferred into Global or misvalued the IP MSFT pit in. In either case, Global’s equity could be at stake. Even if the transfers can’t be unwound.

It is into Global that the c3 transferred its IP and has been intermingling it with MSFT IP creating the new derivative IP. For those challenging the c3’s IP transfer, untangling the IP might well be impossible at this point. So instead they’ve renewed scrutiny over the valuation of Global’s equity.

OpenAI Global (in the center of the chart) is the LLC that they are trying to convert to a Public Benefit Corporation. It’s managed by a GP wholly owned by c3, and its economic interests are split 51/49 w MSFT as noted above. But you can be sure MSFT has certain rights over its economic interests.