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More details emerged Wednesday about the major new media outlet that came to light when Glenn Greenwald announced he was leaving The Guardian for a “once-in-a-career opportunity.” First, the backer: eBay founder Pierre Omidyar, whose net worth is close to $9 billion, is reportedly prepared to invest as much as $250 million in the venture. It will be a for-profit company, and according to writer Jay Rosen, profits will be “reinvested in the journalism.” Omidyar already invests in less ambitious news projects, and is said to have become increasingly concerned with the state of journalism. His interest was also piqued when The Washington Post invited him to buy the paper, with Amazon CEO Jeff Bezos ultimately winning that bid. Although they are still in the “very early stages,” the site has already attracted big name talent. In addition to Greenwald, documentarian Laura Poitras (who helped break the Edward Snowden/NSA surveillance story) and Jeremy Scahill (author of “Blackwater” and The Nation’s national security correspondent) are said to be on board.

Here is how the whole thing will work, according to Rosen: At the core of [the new company] will be a different plan for how to build a large news organization. It resembles what I called in an earlier post “the personal franchise model” in news. You start with individual journalists who have their own reputations, deep subject matter expertise, clear points of view, an independent and outsider spirit, a dedicated online following, and their own way of working. The idea is to attract these people to NewCo, or find young journalists capable of working in this way, and then support them well. By “support” Omidyar means many things. The first and most important is really good editors. (Omidyar used the phrase “high standards of editing” several times during our talk.) Also included: strong back end technology. Powerful publishing tools. Research assistance. And of course a strong legal team because the kind of journalism NewCo intends to practice is the kind that is capable of challenging some of the most powerful people in the world. Omidyar said NewCo will look for “independent journalists with expertise, and a voice and a following.” He suggested that putting together a team of such people means understanding how each of them does his or her work, and supporting that, rather than forcing everyone into the same structure.

In the interconnected, instantaneous and byte-sized world of internet journalism, both cyber-space and real-time often bend and warp into a self-referential wormhole.

And one of those fascinating wormholes just opened on Twitter as super neo-journalist Glenn Greenwald and 9/11 whistleblower Sibel Edmonds exchanged a series of increasingly vitriolic and accusatory tweets over Edmonds’ latest blog on Boiling Frogs Post:  BFP Breaking News–Omidyar’s PayPal Corporation Said To Be Implicated in Withheld NSA Document. In it, Edmonds claims that Greenwald’s soon-to-be financial partner and backer—PayPal billionaire Pierre Omidyar—was, in effect, a knowing partner with NSA spying and financial data-mining efforts: The 50,000-pages of documents obtained by NSA whistleblower Edward Snowden contain extensive documentation of PayPal Corporation’s partnership and cooperation with the National Security Agency (NSA), according to three NSA veterans.

Once again, Greenwald’s point is well taken. Neither Edmonds nor her interviewees can state as fact that there is anything in the Snowden docs that shows PayPal-NSA cooperation. However, their point is that—given the statement that only 1% of the documents have been released—the apparent trickle of the information from the trove highlights the need for transparency. Particularly if, in fact, there is anything in there that implicates PayPal. In fact, Greenwald doesn’t really challenge the claim of PayPal-NSA cooperation, just the claim that he is covering it up by withholding Snowden docs that implicate PayPal

Matt Taibbi, who made a name as a fierce critic of Wall Street at Rolling Stone magazine, has joined First Look Media, the latest big-name journalist to leave an established brand to enter the thriving and well-financed world of news start-ups.Mr. Taibbi will start his own publication focusing on financial and political corruption, he said in an interview on Wednesday. First Look is financed by the eBay founder Pierre Omidyar, who is worth $8.5 billion, according to Forbes. Mr. Omidyar has pledged $250 million to the project.

“It’s obvious that we’re entering a new phase in the history of journalism,” Mr. Taibbi said. “This is clearly the future, and this was an opportunity for me to be part of helping to found something and create something that might carry us into the next generation.”The site, as yet unnamed, will open this year. Mr. Taibbi will write for it and take an editorial role, while based in New York. There will be “an emphasis on bringing in talented writers who can have fun with the subject in addition to producing solid investigative journalism,” he said.

Mr. Taibbi is noted for capturing the spirit of the aftermath of the financial crisis with a series of articles in Rolling Stone that examined the misbehavior of Wall Street executives and the risky lending practices that led to a near collapse of the global economy. He used vivid writing and colorful language to describe the root causes of the crisis, including the now-famous metaphor he used to describe Goldman Sachs, calling the bank “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

Update 2: Glenn Greenwald Goes on Record: “I Don’t Doubt PayPal Cooperates with NSA!”

The 50,000-pages of documents obtained by NSA whistleblower Edward Snowden contain extensive documentation of PayPal Corporation’s partnership and cooperation with the National Security Agency (NSA), according to three NSA veterans. To date, no information has been released as to the extent of the working relationship and cooperation between the two entities- NSA and PayPal Corporation. What’s more, the billionaire owner of PayPal Corporation has entered into a $250 Million business partnership with two journalists-Glenn Greenwald and Laura Poitras, a journalist duo who possess the entire cache of evidence provided by Edward Snowden. Despite earlier pledges by the journalists in question, only one percent (1%) of Snowden’s documents has been released. BFP was recently contacted by a retired NSA official who claims that the documents obtained by NSA whistleblower Edward Snowden contain extensive documentation pertaining to NSA’s partnership with major U.S. financial institutions, including credit card companies and PayPal Corporation. The official, who requested anonymity, also alleges that a deal was made in early June, 2013 between the journalists involved in this recent NSA scandal and U.S. government officials, which was then sealed by secrecy and nondisclosure agreements by all parties involved. Upon receiving this report BFP contacted three other high-level former NSA officials for additional information and comments.

The National Security Agency has been recording and storing nearly all the domestic (and international) phone calls from two or more target countries as of 2013. Both the Washington Post and The Intercept (based in the US and published by eBay chairman Pierre Omidyar) have censored the name of one of the victim states, which the latter publication refers to as country "X". Both the Washington Post and The Intercept stated that they had censored the name of the victim country at the request of the US government. Such censorship strips a nation of its right to self-determination on a matter which affects its whole population. An ongoing crime of mass espionage is being committed against the victim state and its population. By denying an entire population the knowledge of its own victimisation, this act of censorship denies each individual in that country the opportunity to seek an effective remedy, whether in international courts, or elsewhere. Pre-notification to the perpetrating authorities also permits the erasure of evidence which could be used in a successful criminal prosecution, civil claim, or other investigations.

We know from previous reporting that the National Security Agency’s mass interception system is a key component in the United States’ drone targeting program. The US drone targeting program has killed thousands of people and hundreds of women and children in Afghanistan, Pakistan, Yemen and Somalia in violation of international law. The censorship of a victim state’s identity directly assists the killing of innocent people. Although, for reasons of source protection we cannot disclose how, WikiLeaks has confirmed that the identity of victim state is Afghanistan. This can also be independently verified through forensic scrutiny of imperfectly applied censorship on related documents released to date and correlations with other NSA programs (see http://freesnowden.is). We do not believe it is the place of media to "aid and abet" a state in escaping detection and prosecution for a serious crime against a population. Consequently WikiLeaks cannot be complicit in the censorship of victim state X. The country in question is Afghanistan.