zlacker

I think it could have easily been predicted just from the initial announcements. You can't create a public charity simply from the donations of a few wealthy individuals. A public charity has to meet the public support test. A private foundation would be a better model but someone decided they didn't want to go that route. Maybe should have asked a non-profit lawyer?

>>baking+(OP)
Maybe the vision is to eventually bring UBI into it and cap earn outs. Not so wild given Sam’s world coin and his UBI efforts when he was YC president.

>>farama+4z2
The public support test for public charities is a 5-year rolling average, so "eventually" won't help you. The idea of billionaires asking the public for donations to support their wacky ideas is actually quite humorous. Just make it a private foundation and follow the appropriate rules. Bill Gates manages to do it and he's a dinosaur.