this post was submitted on 08 Jan 2024
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It would mean that the owner could take that code and make it closed source. They could do literally anything they wanted with it, because they would own the copyright.
They can't make it closed source retroactively (well, technically you can design a license like that but that's a different discussion and the most widely used open source licenses aren't made like that). They can relicense at some point going forward, but all the code up to that point would still be available under the old license and contributors could fork and continue without batting an eye.