Anthropic says it will commit 5% of its shares to 'public benefit fund'
The announcement comes as Anthropic lays the ground for a blockbuster stock market listing.
Artificial intelligence company Anthropic has announced plans to allocate 5% of its shares to a fund dedicated to public benefit. This move comes as Anthropic prepares for a potential landmark stock market listing, which could value the firm at over $1tn. The AI sector has been under scrutiny recently due to safety concerns and societal impacts.
In their IPO filing, Anthropic highlighted the potential catastrophic risks AI could pose to humanity. The proposed fund will support nonprofit organizations and initiatives addressing AI's effects on employment. Notably, the fund will not be used for lobbying or political donations in the US or internationally. The fund could potentially acquire an additional 2% of Anthropic's shares at the board's discretion.
Technology billionaire Elon Musk expressed his view on the matter via social media, suggesting that shares should be given directly to the public instead. Anthropic recently revealed a 45% revenue increase to $16.8bn in the three months ending September. Like other AI firms, Anthropic aims to generate substantial profits despite significant investments in technology development and infrastructure.
Job cuts have occurred globally, primarily in the technology sector, as companies adopt AI for increased efficiency. The International Monetary Fund's 2024 report predicts that nearly 40% of jobs worldwide will be impacted by AI, with this figure potentially reaching 60% in advanced economies.
Written by urgent.news from BBC Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
