Jesse
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jessemerle.bsky.social
Jesse
@jessemerle.bsky.social
1.2K followers 160 following 1.6K posts
Lawyer in social enterprise and impact investing: -Director @ Lookout PBC (2024 Pulitzer Winner). -Counsel @ Kiva Capital. -Lecturer @ Berkeley Law. Married to a Dirty Immigration Lawyer.
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Bluesky is a Public Benefit Corporation and people here seem to have a lot of odd ideas about what that means. I teach about PBCs at Berkeley Law, so please send me any questions you have, and I will do my best to answer them. 🦋👋
I think this is a good sign for the Ford Foundation
Sorry to be that guy but did you know Apple pay’s musicians better?

bsky.app/profile/5050...
Reports of ICE ads on #Spotify were noted in early October. People began calling for boycotts immediately.

Now, nearly a month later Spotify is seeing major losses.

And we can do ever BETTER. 👏👏👏

#BoycottSpotify
Being a PBC doesn’t guarantee that a company will be a “good” company, but it does mean it has to communicate with and identify and consider the interests of its various stakeholders.

bsky.app/profile/jess...
To be clear being a PBC doesn’t mean that BlueSky *must* do what’s in “the best interests of those materially affected by [it’s] conduct” only that it must balance those interests against the pecuniary interests of its stockholders and its public purpose set forth in its Charter. IOW…
Part of the reason I convinced myself to join this network is bc @jay.bsky.team formed BSKY as a Public Benefit Corporation (initially a PBLLC), which means its directors and officers are legally obligated to consider “the best interests of those materially affected by the corporation’s conduct.”
Oh fun. Do you have the rest?

Time to reshare my PBC overview: Being a PBC doesn’t guarantee that a company will be a “good” company, but it does mean it has to communicate with and identify and consider the interests of its various stakeholders.

bsky.app/profile/jess...
To be clear being a PBC doesn’t mean that BlueSky *must* do what’s in “the best interests of those materially affected by [it’s] conduct” only that it must balance those interests against the pecuniary interests of its stockholders and its public purpose set forth in its Charter. IOW…
Part of the reason I convinced myself to join this network is bc @jay.bsky.team formed BSKY as a Public Benefit Corporation (initially a PBLLC), which means its directors and officers are legally obligated to consider “the best interests of those materially affected by the corporation’s conduct.”
Yes from OpenAI. They need the SoftBank money by EOY
Color me skeptical about this attempt at mission lock given how well c3 control has worked to date
Is that a whiff of desperation I detect?
This is a remarkable document. In particular I have never seen an entity agree that the AG not only has continuing supervisory authority, but that the entity will pay the AG's costs of exercising that power, including the costs of experts.
And just seeing this CA AG Bonta memo too

oag.ca.gov/system/files...
And just seeing this CA AG Bonta memo too

oag.ca.gov/system/files...
Since MorganLewis is now involved, I’d say there are likely solid SHAs in place
Ah I’m behind, but I believe they’ve previously said (maybe to CA AG) that it’s the “Global” LLC at the center that is converting.

Seems like the better attorneys got involved and told them they must keep c3 control (for now) but still moves the ball forward on the long game of escaping c3 control.
This is from court filings and 990s
This structure chart from late 2023 outlines the basic state of their entity relationships. I don’t think too much material has changed since then. It’s the slide I use for my law school lectures. As you can see it’s an ugly mess, far from the relatively simple spinout model PRX used.
Something is rotten in the state of philanthropy
US economy rests on a c3 charter lol
big premises unpinning a huge swath of our economy rn

OpenAI Charter: Our Charter describes the principles we use to execute on OpenAI’s mission.

openai.com/charter/
OpenAI Charter
Our Charter describes the principles we use to execute on OpenAI’s mission.
openai.com
Philanthropy is reputation laundering?
lol what the wealthy today don't seem to understand is part of staying wealthy in society is not pissing off the masses.

There's a reason why Carnegie and the Rockefellers poured money into institutions. Gutting institutions and making it harder for the masses to survive is a...choice.
For all of Brad Karp’s good faith efforts, this is what he brought us
We have reached the point where the *American Bar Association* cannot find attorneys willing to represent them in litigation against the Trump administration.

www.washingtonpost.com/national-sec...
Funny that they captured my aesthetic but got my politics backwards
I made an image of all the art posted by US DOL on X since approximately Labor Day
Evidence of immigration detention quota
Private prison executives casually discussed the "3,000 arrests per day" quota in earnings calls—despite the Department of Justice previously denying any quota exists. This is fueling immigration raids nationwide while companies rake in record profits.
In Earnings Calls, Private Prison Executives Revel in Profiting Off ICE Arrests
“Our business is perfectly aligned with the demands of this moment,” CoreCivic CEO Damon Hininger said on the call.
truthout.org
Neighborhood email list serve is discussing your article this morning… seems like a sign 😳
Uh maybe this is happening even quicker than I thought it might www.motherjones.com/politics/202...
Tern-to-train is only beaten by Tern-to-ferry!
whilst thou like to live multi-modally?
We are one of the “bright spots” the report highlights👇

While it is true that we need creative funding solutions for journalism (don’t get me started on the sad priorities of the donor class), we also need sound, sustainable business models that work in the modern world.

Support local journalism!