Anthropic Seeks Approval for 5% Public Benefit Fund

Anthropic is seeking stockholder approval to place 5% of its shares in a new Public Benefit Fund, a proposed commitment that could grow as the artificial intelligence company’s value rises. The company announced the plan on October 18, saying additional allocations would remain at its board’s discretion. Under the proposal, the fund could receive another 2 percentage points of Anthropic shares for every 50% increase in the company’s value above a baseline that has not been disclosed. Anthropic has not specified the valuation milestones or whether additional allocations would be capped. The initial 5% allocation is also conditional on stockholder approval. Anthropic said the fund would be a wholly owned limited liability company, rather than a tax-exempt nonprofit. It could support nonprofit organizations through grants or make direct distributions to groups of people. Potential beneficiaries include people affected by AI-related changes to employment. The company said equity held by the fund would not be used for lobbying or political donations in the United States or abroad. The proposed fund is separate from Anthropic’s existing Long-Term Benefit Trust, which has a role in...