Anthropic commits 5% of stock to new public benefit fund

Summarised from 2 outlets · Updated 19 Oct, 01:02 · Archive

Anthropic is committing 5% of its shares to a new public benefit fund, with the amount potentially increasing as the company's valuation grows.

Anthropic announced on Sunday that it is committing 5% of its shares to a new public benefit fund, with the fund's value potentially increasing as the company's valuation grows. The shares will form the Anthropic Public Benefit Fund, a new entity within the company. The company said the fund 'will have increased flexibility and scale, enabling us to pursue our mission in new ways: for example, we might explore large donations to traditional nonprofits or direct distributions to specific populations'.

Anthropic cited labour market impacts as an example, noting that while it has already committed $200 million to study the effects of artificial intelligence, 'given the pace of AI progress, bolder approaches may be needed'. CEO Dario Amodei and the company's five other cofounders established Anthropic as a public benefit corporation, a designation that allows for-profit companies to balance financial goals with social impact. The cofounders have also pledged to donate 80% of their wealth.

When combined with an existing equity donation match programme, in which about half of the company's employees participate, Anthropic said roughly 20% of its shares will be dedicated to the public good. The company said this percentage could increase further if its valuation reaches specific milestones. Anthropic is planning an initial public offering as soon as November.

How it is being reported

• Anthropic commits 5% of its stock to a new 'public benefit' fundAnthropic says it is committing 5% of its shares to a new “public benefit” fund, with the amount potentially increasing as its shares grow in value.Clickorlando · 19 Oct, 00:29
• Anthropic commits 5% of its stock to a new 'public benefit' fundAnthropic says it is committing 5% of its shares to a new “public benefit” fund, with the amount potentially increasing as its shares grow in value.News4Jax · 19 Oct, 00:29

In this story: Anthropic · Dario Amodei

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