This seems like... obviously a security? I seriously hope they're registering with the SEC for this.
https://www.investopedia.com/terms/h/howey-test.asp
>1. An investment of money
check
>2. In a common enterprise
check
>3. With the expectation of profit
Probably? Why else would they be buying a team for?
>4. To be derived from the efforts of others3
check.
edit: I took a look at their "Flightpaper", and in it they acknowledged that some parts of it might pass the Howey Test, and they recognize the possibility of regulatory oversight
>This funding model requires extensive SEC regulation oversight.
However, they're pretty light on details on whether it would actually be approved by the SEC or not. Also by the looks of it they haven't registered with the SEC right now, but they're already raising funds?
https://www.investopedia.com/terms/h/howey-test.asp
>1. An investment of money
check
>2. In a common enterprise
check
>3. With the expectation of profit
Probably? Why else would they be buying a team for?
>4. To be derived from the efforts of others3
check.
edit: I took a look at their "Flightpaper", and in it they acknowledged that some parts of it might pass the Howey Test, and they recognize the possibility of regulatory oversight
>This funding model requires extensive SEC regulation oversight.
However, they're pretty light on details on whether it would actually be approved by the SEC or not. Also by the looks of it they haven't registered with the SEC right now, but they're already raising funds?