Delaware now only needs majority shareholder consent to convert a for-profit into a PBC
NathanpmYoung · x · 2026-11-15
NathanpmYoung admits he was wrong in an earlier take. The quoted discussion explains that converting a for-profit into a PBC requires consent of the company's members (shareholders): Delaware used to require 90% agreement but has watered this down to a simple majority, unless the company's charter sets a higher bar. Context involves the eBay ruling, with the argument that eBay didn't own enough decision-making stock and should have held more or different shares if it wanted more control. The debate bears directly on OpenAI's for-profit-to-PBC conversion.
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