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In early 2019, for example, the founder of the Shanghai electric-car company NIO transferred 50 million shares into a “user trust.” While the founder retains voting rights over the shares, the trust enables its members to help decide how to use a portion of the company’s eventual profits. This was not an act of charity; in the disclosure documents,... See more

He believed a handshake agreement among gentlemen was sufficient and regularly did business with no written contract.

Jeff Bezos has a wonderful quote about this: “Invention requires a long-term willingness to be misunderstood. When you do something that you genuinely believe in, that you have conviction about, for a long period of time, well-meaning people may criticize that effort. To sustain yourself over this time, you can’t look for accolades, and you can’t r... See more

I’ll give you an example. Just look at Reels, Instagram’s version of TikTok. It seems to be growing much slower than Stories did, and my theory is it’s because the network structure of Instagram is, to some degree, incompatible with the network structure of TikTok.