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Linux it's self is an operating system kernel developed mainly by freelance programmers and computer hobbyists. The entire project was started and is maintained by Linus Torvalds. The software licensing in both the Linux kernel and much of the programs you would find installed on a GNU/Linux system is very unrestrictive and it allows you to do pretty much everything you want to. You could make a proprietary system run by Linux, or a full GPL compatible distribution.
The FOSS movement was actually started by Richard Stallman in 1983. He was making the GNU operating system to be compatible with Unix while remaining free. Linus Torvalds was interested in it but the GNU Hurd kernel was not complete at the time so he joined in and wrote the Linux kernel in 1991, completing the GNU/Linux operating system. Fun fact: the Mach kernel which the original abandoned Hurd kernel was based off of, is also what Macintosh OS X is based off of.
Blinx, no one owns Linux. There are hundreds of thousands of people, some working under companies like Novell and IBM and Canoical, that develop, improve and support Linux. In short, your second point was right.
Linux belongs to no one, it is just under GNU GPL license, it is free and will always be free. This is a commercial from IBM, because IBM want peoples to use Linux (it would help them I imagine, dont ask me how).
If I recall correctly, Linus Torvalds does maintain a copyright on the name 'Linux" He is also the head of the Linux kernel project, so for the most part he shapes what Linux is and will become. One can use the Linux kernel for whatever purpose, and rewrite it at will, assuming they adhere to the GPL, and at that time it becomes their project, however Linus (or one of the other project leaders) could decide to incorporate those changes in the next release of the kernel.
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Fun fact: the Mach kernel which the original abandoned Hurd kernel was based off of, is also what Macintosh OS X is based off of.
Linus Torvalds did not himself deciced to name it Linux, the name is a tribute.