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Closed source Linux?

Okay, enlighten me... How could Linux go closed source at all? If you contribute your code to Linux, and it's GPL'd, how can someone like Linus then decide he was closing the source to Linux? You still own your contribution. You have copyright. So how, then, could they possibly close the source? They'd have to rewrite everything contributed from scratch and do it under a proprietary license, and then hope FSF doesn't sue them because they'll undoubtedly use the algorithms and possibly source that the former contributors used, making the code stolen. Am I seeing this wrong? Can somebody please enlighten me as to how this scenario is even possible? Why did anyone waste time on such conjecture?

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