Anthropic Plans Fund Backed by 5% of Its Shares
The proposed wholly owned fund would support public-interest projects, with possible additional contributions as Anthropic’s value rises.
Key takeaways
- Anthropic plans to commit 5% of its shares to a public benefit fund, subject to stockholder approval.
- The company says the fund could support nonprofits or make direct distributions to specific populations.
- An additional 2% could be added for every 50% increase in Anthropic’s value, at the board’s discretion.
Anthropic plans to commit 5% of its shares to a new public benefit fund, subject to stockholder approval. The company said the fund could support projects it considers beneficial to the public.
The fund would be a wholly owned LLC within Anthropic, rather than a nonprofit, according to The Business Times. Anthropic said it could make large donations to nonprofits or direct distributions to specific populations.
The company also said the fund could receive an additional 2% of its shares for every 50% increase in its value. The board would decide whether to make those additional contributions, The Business Times reported.
Business Insider said the initial 5% stake would be worth about $48 billion based on Anthropic’s most recent valuation in May. The company has not yet provided further details on the fund’s structure and governance, which it said would come in the coming months, according to TechCrunch.
Anthropic has already committed $200 million to studying AI’s effects on the job market, TechCrunch reported. The company said the new fund could allow it to pursue broader approaches as AI advances.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
