Anthropic says it will dedicate 5% of its shares to a fund for the ‘public good.’ The public is skeptical

Anthropic, a privately held AI company, has announced its intention to dedicate 5% of its shares to a new fund, the "Anthropic Public Benefit Fund," intended to serve the "public good." The privately held company is planning what could be the largest initial public offering (IPO) in stock market history. The fund, which is a wholly-owned LLC, will initially hold 5% of Anthropic's shares, with an additional 2% added at the board's discretion for every 50% increase in the company's value above a set baseline.

The public's reaction to the news has been largely skeptical, with social media showing concerns about Anthropic's intentions. The company chose the LLC format over a 501(c)(3) to allow flexibility in how the fund can be used, potentially for large donations to traditional nonprofits or direct distributions to specific populations.

For example, Anthropic has already committed $200 million to studying and addressing the potential destabilization of workers caused by AI. However, critics argue that the fund could be used for lobbying or political giving, as none of the Anthropic equity held by the LLC will be used for such purposes.

Many social media users have expressed doubts about Anthropic's intentions, questioning the abstract term "public good" and concerns about the fund's potential to be a tax write-off. Former AI researcher Jacob Coxon resigned from Anthropic in early September, citing fears that the company's technology could lead to the end of humanity.

Anthropic CEO Dario Amodei has repeatedly shared his concerns about the potential misuse of AI, but the public's reception to the company's new fund is largely lukewarm at best, reflecting a growing skepticism about the company's commitment to the public good.