Anthropic said Sunday it plans to commit 5% of its shares to a new Public Benefit Fund, subject to shareholder approval. Anthropic said the fund would immediately receive the 5% stake once approved. Anthropic said the board may, at the board's discretion, add 2 percentage points for every 50% increase in the company's value above a set baseline. Anthropic has not disclosed the baseline.
Anthropic said the fund could explore large donations to traditional nonprofits or direct distributions to specific populations. Anthropic said the fund could also support approaches to study and address AI-related job disruption and displacement. An August Pew Research Center report found that 71% of adults think AI will lead to fewer jobs in the U.S. over the next two years.
Anthropic's release said the fund will be established as a wholly owned limited liability company rather than a 501(c)(3) tax-exempt nonprofit or another format. The release said the structure would allow the fund to adjust between different forms of giving. Anthropic said equity held by the limited liability company will not be used for lobbying or political giving in the U.S. or internationally.
Anthropic told investors that the company's third-quarter revenue stands at $16.8 billion ahead of a planned initial public offering reportedly slated for November. Lise Buyer, a partner at IPO advisory firm Class V Group, said the announcement's timing is mandatory to prepare for an initial public offering. Buyer said the timing is also beneficial for Anthropic's image, especially as AI reshapes the jobs market. Buyer said the move could be viewed favorably if the funds support retraining or help workers find alternative employment when the technology disrupts workers' jobs. Buyer said the move also aims to improve Anthropic's reputation while AI faces significant scrutiny.
Anthropic said the company will share more details about the fund's structure and governance in the coming months, including valuation milestones that may increase the stake. Anthropic said the company will also share progress on the fund in an upcoming public benefit report. Tesla and SpaceX CEO Elon Musk responded to the announcement on X by recommending that Anthropic give the shares directly to the public.
Anthropic to Allocate 5% Shares to Public Benefit Fund Addressing AI Job Disruption
FLASH AIShare
Summary
Anthropic plans to allocate 5% of its shares to a Public Benefit Fund focused on AI job disruption, pending shareholder approval. The fund could expand with valuation growth and may support initiatives targeting displaced workers. The company reported Q3 revenue of $16.8 billion and aims for an IPO in November. Traders tracking altcoins to watch may see this as a potential support level for AI-linked assets.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.