AI Backlash is Sparking a Philanthropic Boom
AI companies hope that giving money to good causes can help repair their public image.
What happened: Anthropic has promised to donate 5% of its company shares to a new fund that aims to help the public and reduce some of AI's harmful effects. At the price Anthropic hopes to reach when it first sells its shares to the public, the fund would be worth about US$100 billion. It would give money directly to non-profit groups and to people most affected by the technology.
Soon after the announcement, Elon Musk made his own promise. He said he would give one SpaceX share to every child in the U.S. next year. At the company's current share price, the gift would be worth US$11 billion.
Anthropic's rival, OpenAI, has also discussed giving the U.S. government a 5% share in the company. The idea is to let the public share in the wealth created by the AI boom.
Why it matters: Many people are worried about warnings that AI could cause serious harm and fears that it will take away jobs. As a result, people do not have a very positive view of AI right now. Leading AI companies, such as Anthropic, are making big promises to give money to good causes in an effort to reduce this public anger.
Helping people who lose their jobs because of AI will likely be a major focus of these donations. Anthropic has said this is a priority. It has already promised $200 million for research into how AI affects jobs and for efforts to deal with these changes in the job market.
Big picture: AI companies could become major forces in charitable giving over the next ten years. They will have a big influence on which causes receive their money. Based on Anthropic's current promises and its program to match employees' charitable donations, the company could soon become one of the world's largest sources of charitable funding.—LA