Firefox has a deal with Google which is much, much different than getting funded. They don't have to answer to stakeholders.

I don't understand this. Can you elaborate? If Google made a deal to keep their search engine default and is paying Firefox. Isn't that funding? They are still paying them so why is that a different thing? You mentioned shareholders and how they don't have to respond to them. Of course they don't, that's the job of Mozilla. With Google's money they respond to them, or you think Mozilla somehow makes revenue from a different source and give shareholders that money? If that's the case then where is the 400+ million dollars from Google getting put to use? Fighting racism? I'm getting off-topic here, so I digress.

So saying that System1 being a part owner is like Google to FF is complete false

I never compared System1's part ownership as Google to Firefox. I only compared them as a way to earn money. System1 funds Waterfox just like how Google funds Firefox. I never mentioned that Google is owner of Firefox.

It all depends on the agreements between System 1 and Waterfox which I don't know personally

Fair enough, but that's what I wanted to know because people criticize Waterfox based on conspiracies like System1 collects your data or it's now spyware etc.