> Once code is released under AGPL, the license is irrevocable. You can set a repo to read-only, but you can’t claw back a granted license.

> That’s the beauty of open-source licensing by design: a company can abandon a project, but it can’t take the code with it.

This is a FREE license, which is not just open source. It's open source + more.

This statement is true of both open-source (by the OSI definition, which is a superset of free software by the FSF's definition) and free software. In fact, the fact that the original company could take their AGPL licensed software and make further updates proprietary is kind of a bug as far as the FSF is concerned (due to how copyright works and the fact that CLAs are a thing).