That's plenty of money if they recognize they need a super lean company with 0 bloat and a few highly paid experts who focus on correctness and not bullshit features.
Vivaldi employ 28 developers and 33 others to make an unstable Chromium fork and email program.[1]
Bloat and bullshit features to you are minimum requirements to someone else.
Anyway, if you have $50M, you can afford 500 people at $100k, or 250 people at $200k. So you simply declare, this is how many people it takes to make a browser, and set your goals and timetables accordingly. I feel like the goals and direction might be more important than the number of bodies you throw at it, but maybe that's naïve. But when the product is mature like Firefox (or Chrome for that matter) you do have some flexibility on the headcount.
Their revenue is only $52M so kinda what Mozilla would earn off their endowment.
I don't think your argument has a lot of merit. 28 is not a magic number.
I just want to note that this is what is sometimes called carouseling. Which is, instead of acknowledging the original accusation was not correct, which is what should be happening, this comment just proceeds right on to the next accusation.
What is happening, psychologically speaking, that is causing a mass of people to spew one confidently wrong accusation after another? They don't have an endowment (they do!). Well they're not investing it! (they are). Well they're not working on the browser! (they shipped 12 major releases with thousands of patches per release with everything from new tab grouping and stacking to improved gpu performance to security fixes)
This is like a dancing sickness or something.
Does their endowment fund enable them to be an independent and self-sufficient entity?
In other words, Can they live off it in perpetuity?
If good people are in charge, they'll just spend everything and rely on ongoing donations. If nobody thinks it is worth donating too then it is time to close up shop. Keep a bit of a buffer for the practical issue of bad years, sure, but the idea shouldn't be to set up an endowment.