From Carnegie to Claude: AI wealth could reshape philanthropy

Washington is bracing for a major shift in corporate philanthropy as AI companies amass unprecedented wealth. Anthropic, the creator of the Claude chatbot, has pledged to set aside 5% of its shares for a new public benefit fund, potentially worth $100 billion if the company hits a $2 trillion valuation. Co-founders have also committed to donating 80% of their equity, with employees' donations matched.

This could represent one of the largest charitable outlays in history, according to Michael Moody, a philanthropy expert. The OpenAI Foundation, controlling ChatGPT developer OpenAI, already holds a 26% stake, more than the Gates Foundation's endowment. Some are calling this the third wave of American philanthropy, following the industrial age and internet billionaires.

Unlike traditional nonprofits, Anthropic's fund will operate as a limited liability company, giving the company greater control over how the funds are used - though it must still report on its activities. Anthropic has ruled out using the funds for lobbying or political giving. Effective altruism, a movement favoring measurable causes like AI safety and global health, appears to be driving much of this philanthropy.

However, critics like Elon Musk argue the money should be given directly to the public rather than held in a private fund.