You should see the structure of companies like IKEA or others who really have a complicated corporate structure.

Do you have a chart for our entertainment?

(Does the IKEA org chart have the little figures from the assembly instructions, and an Allen key?)

Might not be as complex with back and forth ownership, but for a "simplified" chart, AXA's 53 page presentation is up there: https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com/e...

IKEA is notorious for having one of the most opaque company structures in the world.

Word on the street is that ikea is technically a charity.

This is a huge oversimplification but my recollection is, there is a design arm of the IKEA structure which is a non-profit. They create and own all of the designs and IP related to products, which a different IKEA subsidiary then licenses and pays royalties on, essentially negating much/all of the margin of the finished good.

it's not a charity, it's a ultimately held by a pair of Liechtenstein and Dutch foundations, with an elaborate sea of holding companies underneath: https://en.wikipedia.org/wiki/IKEA#Corporate_structure

FTX is worse: https://www.researchgate.net/figure/IKEAs-ownership-structur...

It's quite common to spin off daughter companies per project, it isn't unusual or illegal in any way. Without at least type and ownership information it's hard to tell if it's iffy.

That’s actually just a tiny, tiny subset of the overall Enron corporate structure. The chart you linked just shows the capitalization and ownership of one of the off-balance sheet structures that Enron used to conceal debt. This structure was capitalized with Enron stock, which worked great as long as the price kept going up, but once the value of that stock fell beneath a certain value, the single-purpose entity used here became insolvent and accounting rules (finally) required that that debt be consolidated back onto Enron parent’s balance sheet.

It’s a situation with many interesting parallels in the crypto industry. Not only does history rhyme, but sometimes it really does repeat.