Anthropic Launches Public Benefit Fund Backed by 5 Percent of Shares
(MENAFN) Anthropic said Sunday it will set aside 5% of its shares for a newly created public benefit fund, a stake that could grow as the US artificial intelligence company’s valuation climbs.
The initial allocation to the Anthropic Public Benefit Fund still requires stockholder approval. Beyond that, the board may direct an additional 2% of shares to the fund each time the company’s value rises 50% above a predetermined baseline.
The fund will back efforts to address AI’s wider impact on society, including possible disruption to the labor market. Anthropic has already committed $200 million to studying and tackling that issue.
Structured as a wholly owned limited liability company (LLC), the fund will have room to move resources in different ways, from donations to nonprofits to direct financial assistance for specific groups of people.
The move builds on commitments already in place. Anthropic’s co-founders have pledged to give away 80% of their equity, and an employee donation program involves roughly half of the company’s workforce.
Counting those existing pledges alongside the new one, about 20% of Anthropic’s shares will be devoted to public benefit work, with the potential to rise as valuation milestones are reached.
The initial allocation to the Anthropic Public Benefit Fund still requires stockholder approval. Beyond that, the board may direct an additional 2% of shares to the fund each time the company’s value rises 50% above a predetermined baseline.
The fund will back efforts to address AI’s wider impact on society, including possible disruption to the labor market. Anthropic has already committed $200 million to studying and tackling that issue.
Structured as a wholly owned limited liability company (LLC), the fund will have room to move resources in different ways, from donations to nonprofits to direct financial assistance for specific groups of people.
The move builds on commitments already in place. Anthropic’s co-founders have pledged to give away 80% of their equity, and an employee donation program involves roughly half of the company’s workforce.
Counting those existing pledges alongside the new one, about 20% of Anthropic’s shares will be devoted to public benefit work, with the potential to rise as valuation milestones are reached.
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