One excerpt I find concerning about this project:

The company is set up as a “public benefit corporation”, which basically means (in my non-US layman understanding) that it is a business and it’s meant to make profit, but that profit is not it’s only and main goal. It can and should have other, more noble goals that benefit the public, as the term implies, in this case: creating a protocol for decentralized social apps that everyone can build on.

At the moment, they don’t have a clear plan on how the company is going to make money on the platform – the general idea is to build some extra paid services on top for users and developers. They said they don’t plan to ever add ads and they promise they won’t “enshittify” the service in future. In any case, they’re explicitly building the network to be resilient even in the unlikely scenario that they themselves “turn evil” in the future – the network is meant to be “billionaire-proof”, impossible to completely take over by one guy with too much money.