Summary: The Linux Foundation is gradually becoming a shadow of Microsoft, just like the Open Source Initiative, where most of the money comes from Microsoft and the official blog promotes Microsoft, its proprietary software, and Microsoft’s side in a class action lawsuit over GPL violations (with 9 billion dollars in damages at stake).
No. They fund important projects and events, pay Linus personally which I was a little surprised by, and potentially malicious members have control over some important things (e.g. github). So, it’s not really harmless, but that said, in terms of actual control over the software I don’t think there’s much they can do.