Jack Dorsey-backed initiative Bluesky made an unexpected U-turn, saying that it won't return money to Twitter shareholders as it is now a fully independent company. In a tweet thread, Bluesky clarified that although the project was initially funded by Twitter in 2019, the Bluesky PBLLC established this year is a new independent company "focused on decentralized social network R&D."

Bluesky says that it realized with Twitter that its independence is "important to the success of the project," which is why it has established an independent company to "ensure that we serve the broadest possible interests."

What is more important is that funded by Twitter, the newly-formed company is now owned by the team itself, with no controlling stake held by Twitter. This also means that Bluesky is no longer obligated "to return money to shareholders" as Twitter's funding is "not subject to any conditions."

Twitter on Web3

Founded in 2019 by Jack Dorsey, Bluesky is a project aimed at building a decentralized social network protocol, where each with its own systems of curation can interact with other social networks.

Twitter's founder even hinted that the platform might eventually become a client of this new project, but it remains unclear if the social network is still on this path after Elon Musk acquired it for approximately $44 billion.

Bluesky added it has also raised $13 million to keep its freedom and independence to get started on R&D. Dorsey remains on its board, and a former Twitter security engineer has also joined the team.

As of press time, Bluesky still has no roadmap, but a statement on its website promises that the team behind the project is working on a product where users "would have a choice in their experience, creators have control over relationships with their audiences, and developers have the freedom to build."

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