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It means that he has donated enough money to the EFF's endowment[1] to fund a position at the EFF in perpetuity. That is, it's a big enough chunk of money that
by Wilduck 14y ago
It means that he has donated enough money to the EFF's endowment[1] to fund a position at the EFF in perpetuity. That is, it's a big enough chunk of money that it can sit in an investment account, and the interest can be used to pay for a person's salary and other costs.
Calling it a "chair" just means that Mark Cuban's name gets associated with the position, and the role comes with specific instructions. In this case, fighting stupid patents.
http://en.wikipedia.org/wiki/Financial_endowment http://en.wikipedia.org/wiki/Financial_endowment
- adventured 14y agoThat isn't the case here. While it's a nice sum of money, Notch and Cuban agreed to give $250,000 (the news broke back on Dec 20th about this). That won't be enough to perpetually fund a position, but perhaps enough to hire two lawyers for a year.