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The Linux Foundation is a 501(c)(6) non-profit trade organization. As such it's normal to look like an industry body of large Linux (and related software) using companies - and in the current tech ecosystem, those are predominantly cloud companies.

There is also android/AOSP which is big, comparatively and runs on linux

Yeah, but saying "The Linux Foundation is behind the fork" gives (to the casual reader like me) some Linus-related legitimacy.

They should have said "The Cloud Industries Pet Trade Org created a new fork so they don't have to pay nominal (to them) sums to support the software."

The OSI is the same way [1] and they are the ones pushing for business friendly non-copyleft licenses.

[1] https://opensource.org/sponsors

I assume in the early days it was backed by IBM more so than the hyperscalers no?

They even host non Linux related stuff nowadays, like Zephyr.

Probably, if you follow the money.