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.