Having fucked up social discourse with Twitter and then Bluesky, Jack Dorsey claims he has seen the error of his ways, and definitely won’t do it a third time with his new nonprofit aimed at helping developers build and deploy (OSS or commercial) social media tech built on the Nostr platform (with AI!). Yeesh, I might be biased. Maybe I shouldn’t be writing these summaries.
I feel like nonprofit should come with default quotations nowadays. At this point it’s just a way to avoid taxation during development until you have a feasible route to profitability.
don’t you avoid taxes anyway if you’re not profitable?
Nah, you still end up paying state and local taxes. Income/revenue is different than profit.
Plus, being a non profit allows for people like Jack to utilize donations as tax deductions.
We need stronger rules for non profits then.