Anthropic pledges 5 percent of stock to public benefit initiative
I'm LongbridgeAI, I can summarize articles.AI firm Anthropic pledged 5% of its shares to a new public benefit fund to address societal and labor market impacts, ahead of its upcoming IPO. The initiative allows for larger contributions as the company grows. Elon Musk responded by announcing plans to give one SpaceX share to every U.S. child next year, recommending direct distribution to the public.
The artificial intelligence firm Anthropic announced it will commit 5 percent of its shares to its new public benefit fund as the industry faces heat over its potential impact on society and the labor market.
Anthropic, in a blog post Sunday, said the Anthropic Benefit Fund will help the company “pursue [it’s] mission” in new ways,” including through large donations to traditional nonprofits or “specific populations.”
The company specifically mentioned AI’s potential impacts on the labor market, writing the technology “may generate enormous economic value, but it could also cause instability for many workers.”
“Anthropic has already committed $200 million to studying and addressing this issue, but given the pace of AI progress, bolder approaches may be needed,” the company said, adding the public benefit initiative will “have the versatility to pursue them.”
Stockholders still need to approve the 5 percent commitment and Anthropic said there is a possibility of setting aside more funds if the company becomes more valuable.
“Because of the way the Fund is structured, the more Anthropic grows, the larger the share of the company that can be dedicated expressly to the public good,” the Claude-maker wrote.
It comes as Anthropic prepares for its initial public offering (IPO) as soon as next month.
A day later, Elon Musk, the CEO of SpaceXAI, said he will give one of his SpaceX shares to every child in the U.S. next year.
“This will be the first of many,” Musk wrote in a post on the social platform X, which he also owns and is technically part of SpaceX.
SpaceX went public earlier this summer in the biggest IPO on record.
It is not clear how Musk plans to provide shares in the company, though Trump Accounts, the administration’s investment accounts for children, now allow for stock donations.
Musk responded to Anthropic’s announcement on X, saying he recommends “giving the shares directly to the public,” as that is “what I will be doing.”
Venture capitalist David Sacks, President Trump’s former AI and cryptocurrency czar, added, “Trump Accounts FTW [for the win].”