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From Wikipedia... > The foundation was started with an initial $50 million loan from Acton, who had left WhatsApp's parent company, Facebook, in September 2017

by mfer 5y ago

From Wikipedia... > The foundation was started with an initial $50 million loan from Acton, who had left WhatsApp's parent company, Facebook, in September 2017.[8] The Freedom of the Press Foundation had previously served as the Signal project's fiscal sponsor and continued to accept donations on behalf of the project while the foundation's non-profit status was pending.[4] By the end of 2018, the loan had increased to $105,000,400, which is due to be repaid on February 28, 2068. The loan is unsecured and at 0% interest. Appears it wasn't an outright donation. I've always wondered about the details behind this. Don't think I've seen something like this before.

chippiewill 5y ago
An unsecured, 0% interest loan with a 50 year term may as well be a donation.
- nostromo 5y ago
  It gives him more control over the org than a donation would have. For all intents an purposes, he owns Signal. He's the org's benefactor, lender, founder, board member, and now CEO.
umeshunni 5y ago
Giving money probably has some tax implications. Providing a loan does not.
- nostromo 5y ago
  This is technically true, but the donation would be tax advantageous over a loan, so I can't imagine that's the reason.
  - umeshunni 5y ago
    True. I saw your other post about control and that makes more sense.
tw04 5y ago
It wasn't an outright donation as a protection mechanism. If they go full Oculus he wants his money back. If they remain true to the founding principals, it'll likely just be forgiven upon death or put into some funky trust.