Anthropic says it plans to commit five percent of its shares to a newly created “Public Benefit Fund,” a move that would need stockholder approval before taking effect after the company’s hotly anticipated IPO which could occur as soon as November.
\n\nCNBC reports that the fund could grow over time. Anthropic’s board may add two percentage points for every 50 percent increase in the company’s value above an undisclosed baseline, though that decision is left to the board’s discretion. Anthropic hasn’t said how high the fund’s share could eventually climb.
\n\nThe fund will be a wholly owned limited liability company, not a tax-exempt 501(c)(3) nonprofit. Anthropic said equity held by the LLC won’t go toward lobbying or political donations, in the United States or abroad. The company plans to share more on the fund’s structure and governance in the coming months, including what valuation milestones would trigger additional contributions, and will report on its progress in an upcoming public benefit report.
\n\nMoney from the fund could go toward nonprofit donations, direct distributions, or programs addressing how AI affects workers. Anthropic said it may “explore large donations,” calling the effort part of “bolder approaches” to AI’s societal effects.
\n\nAnduril founder Palmer…
Original source: https://www.breitbart.com/tech/
