Anthropic says it will commit 5% of its shares to ‘public benefit fund’

Artificial intelligence (AI) giant Anthropic says it will commit 5% of its shares to a fund that will make donations for the "public good".

The announcement comes as Anthropic lays the ground for a potential blockbuster stock market listing that could value the firm at more than $1tn (£750bn).

The AI industry has come under intense scrutiny recently over safety concerns and fears about its impact on society and the economy. Anthropic reportedly said in its initial public offering (IPO) filing that AI could pose "catastrophic or existential risks to humanity".

Anthropic said its proposed fund could support nonprofit organisations and efforts to address AI's impact on the jobs market.

None of the shares held by the fund would be used for lobbying or political donations in the US or overseas, it added.

Anthropic's Public Benefit Fund could also receive an additional 2% of the firm's shares at the board's discretion, the Claude developer said in a statement released on Sunday.

Technology billionaire Elon Musk responded to the announcement on social media with: "I recommend giving the shares directly to the public." "This is what I will be doing," he added.

Last week, Anthropic told prospective investors that its revenue surged by 45% to $16.8bn (£12.6bn) in the three months ending in September.

Like other AI firms, it is seeking to position itself as able to generate huge profits despite spending billions on developing the technology and building the infrastructure to power its models.

Companies around the world, primarily technology firms, have cut thousands of jobs after investing in AI, with many citing greater efficiency from its adoption.

Research by the International Monetary Fund (IMF) published in 2024 suggested that almost 40% of jobs around the world will be affected by AI, with that figure rising as high as ​60% in advanced economies.

Add MyJoyOnline as a preferred source on GoogleSee more of our stories when you search on Google. (opens in a new tab)

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:  

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.