Anthropic to commit 5% stake to new ‘public benefit fund’
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The move comes at a time when Anthropic is planning one of the biggest IPOs in history as a public benefit corporation.
PHOTO: REUTERS
AI lab Anthropic, the developer of Claude, on Oct 18 said it would commit 5% of its shares to a new public benefit fund so it has increased flexibility and scale to make donations for the “public good”.
The proposed fund would be established as a wholly owned limited liability company and would receive an additional 2% of Anthropic’s shares, at the board’s discretion, for every 50% increase in the company’s value above a baseline that has yet to be disclosed.
The move comes at a time when Anthropic is planning one of the biggest IPOs in history as a public benefit corporation, a legal structure that requires management to consider certain broader interests as well as turning a profit for investors.
The company, which has positioned itself as a safety-first AI lab, has said AI could pose “catastrophic or existential risks to humanity” and devoted roughly 80 pages of the 261-page main body of its prospectus to laying out risk factors.
Anthropic said in its blog post its Public Benefit Fund could support initiatives including nonprofit donations, direct distributions to specific populations and efforts to address AI’s impact on the labour market.
Elon Musk, who runs Anthropic rival xAI, on X said he recommended “giving the shares directly to the public”.
Anthropic cited the potential impact of AI on workers as one area of focus for the new fund, building on a previously announced US$200 million commitment to study and address labour-market disruption.
Global companies have cut thousands of jobs after investing heavily in AI, with many, primarily tech firms, pointing to higher efficiencies from the technology’s rapid adoption.
IMF research shows that some 40% of jobs will be either augmented, downgraded or eliminated by AI, with the number as high as 60% in advanced economies, managing director Kristalina Georgieva said last week.
Not for political giving
The AI giant said none of the equity held by its fund would be used for lobbying or political giving in the United States or abroad.
US policymakers are weighing greater oversight of artificial intelligence and AI companies are stepping up efforts to shape how the technology is regulated.
Combined with its co-founders’ pledge to donate 80% of their equity and an employee donation matching programme, roughly 20% of Anthropic’s shares will be dedicated to public purposes, excluding any additional shares added later.
Anthropic said it would say more in the coming months on the fund’s governance, structure and the valuation thresholds that could expand its ownership stake. It also plans to publish a public-benefit report detailing progress toward its mission. REUTERS