x.com/KatieMiller/status/2051748515945046354
2 corrections found
as he successfully did with Stripe.
Greg Brockman did not found Stripe. Stripe identifies Patrick and John Collison as its cofounders, while OpenAI’s own launch post described Brockman as Stripe’s former CTO.
Full reasoning
This sentence incorrectly implies that Greg Brockman launched Stripe.
Stripe’s official newsroom page identifies Patrick Collison as "Cofounder and CEO" and John Collison as "Cofounder and President." Greg Brockman is not listed as a Stripe founder there. Separately, OpenAI’s 2015 launch post described Brockman as "formerly the CTO of Stripe," which matches the widely documented account that he was an early executive, not a founder.
So the accurate characterization is that Brockman helped build Stripe as its CTO, but he did not launch/found Stripe.
2 sources
- Stripe Newsroom | Information and assets
Leadership: Patrick Collison — Cofounder and CEO; John Collison — Cofounder and President.
- Introducing OpenAI | OpenAI
Our CTO is Greg Brockman, formerly the CTO of Stripe.
you cannot convert a nonprofit into a for-profit.
That blanket statement is false. Delaware law expressly allows entity-type conversions and also allows nonstock corporations to merge or consolidate with stock corporations, with the resulting corporation permitted to be organized for profit.
Full reasoning
This is too absolute to be correct.
Delaware’s Division of Corporations states that "Delaware Law allows for the conversion of one entity type to another entity type." And the Delaware General Corporation Law expressly provides that nonstock corporations may merge or consolidate with stock corporations, and that the surviving or resulting corporation may be organized for profit.
That means the law does not say a nonprofit can never become part of a for-profit structure. There may be additional restrictions when charitable assets or charitable-trust obligations are involved, but the categorical claim "you cannot convert a nonprofit into a for-profit" is incorrect as a statement of law.
2 sources
- Conversion of Entity Type - Division of Corporations - State of Delaware
Delaware Law allows for the conversion of one entity type to another entity type.
- Delaware Code Online
§ 257(a): Any 1 or more nonstock corporations of this State, whether or not organized for profit, may merge or consolidate with 1 or more stock corporations of this State, whether or not organized for profit.