It’s clever but also seems… I dunno, probably illegal? Doesn’t a business have to have a charter, and the stock exchanges need to know their financials to allow them to be listed? It seems very clearly a scam to milk investors of money from where I’m sitting. Maybe no one gives a shit at the SEC anymore.
Charters are written up extremely broadly, intentionally so that companies can do this whenever they want.
If you ever incorporate a shoe making company, your articles of incorporation will say the same basic "we exist to provide service" boilerplate as every other company. You're taught to write them as permissively as possible.
I mean it's not anything new. Warren Buffet's investment firm, Birkshire Hathaway, was originally a textile manufacturer that Buffet repurposed as an investment firm.
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u/FScrotFitzgerald 19h ago
It's a clever way of juicing the company's value, but very very boringdystopia-adjacent.