The first is a stockholding trust, inspired by more traditional employee stock-ownership plans in the U.S. The goal of the trust would be to acquire 100% ownership in the company over a period of time by buying out pre-existing outside investors.

The second potential conversion strategy is the creation of a federation. In this scenario, a company could reorient itself toward the community by distributing decision-making powers to moderators and users of the platform. In order to seamlessly do this, the startup would need to first convert to a benefit corporation. The third option involves... See more

It confirmed that American businesses had room to improve. And it confirmed a lesson his 3G co-founders had already learned. Minority stakes cannot remake a culture.