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This is exactly the information I was looking for.
It seemed like the key points from the medium post were:
Nebula creators don't actually own any of the company, but are promised a portion if the company is ever sold.
They are likely funded by venture capitalists, and are masquerading as a form of co-op
The sales pitch to subscribers is disingenuous because content creators are claiming to have 50% ownership, when they actually have 0%
I think you summed it up well. According to that post, they are a better option than YouTube, are friendlier to content creators, but are in serious lack of transparency