I was a staff member at launch and my impression of the ownership was always that Cerium had created an LLC and a few others owned shares (which, as it turns out, Cerium later bought from them). This was not hidden or obfuscated or anything (the ToS and Privacy Policy all reference the LLC). I never once got the impression that the ownership was some cooperative or whatever. Veelk is correct that this appears to be some sort of mass delusion, which would possibly explain why so many people are going "I thought this was community owned!!", but meh.
Personally I was fine with Cerium being the owner; he forked out the money and effort (including being automatically doxxed as LLCs are public information) to launch the site, he took the risk (Era could very well have not gotten any traction for all sorts of reasons and the site could have died pitifully within months) and the initiative. It was an investment, not a "grift", and it paid off. Hell, a lot of us posted on NeoGAF back then, despite knowing Evilore, who even pre-metoo was known to be a raging asshole, was the sole owner and was filthy rich from the content we all posted. 🤷♀️
To everyone saying "well, it shouldn't have been like that!!", I can only think: how, exactly, would you have made it happen differently? Did you (rhetorical "you" here) want to invest money in buying the software licenses, preparing the hosting, paying a tech team to create add-ons and run anti-DDOS scripts, doxxing yourself to create an LLC, hiring lawyers, overseeing policies and structures and staff and branding, overseeing the invite system for launch, and all that jazz? And if so, why didn't you?
Just because you're a complete and utter idiot who doesn't know how easy it is to setup a forum (as evidenced by Mod edit: we're not here for other people to advertise their personally owned websites) especially when you're buying one off the shelf like XF doesn't mean others don't.
Even if you were insistent on "buying" software licenses for a forum when there's free software, XF costs like $150.
There was no need to "pay" a tech team to create add-ons, these are free from the XF community.
There was no need to setup a LLC, Cerium
did this to lock out everyone else for an eventual sale you dense moron.
There was no need for lawyers, except for setting up that LLC.
There was no need for the secrecy, invites, cult like demands of members to be, etc. as shown by literally every other forum on the internet.