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Jack Dorsey's written an essay on the need for new open source social media projects. I think it's worth reading if you're considering the future of the space.
It ends with him saying he's going to start providing grants and investment (depending on what folks want) in to projects in the space. I think it'd be cool if we could get some funding for the ssb reboot, plus related projects like earthstar, p2panda, etc... I'm happy to inquire if folks want.