Anthropic’s new fund could help address AI’s impact on jobs and workers

Synopsis

Anthropic, a company that develops artificial intelligence (AI), said on Sunday that it plans to create the Anthropic Public Benefit Fund. The company plans to give 5% of its shares to the fund to support the public good, especially by addressing job insecurity caused by AI.

In a blog post, Anthropic said the fund will initially receive a 5% stake in the company, if shareholders approve the plan. The fund could receive another 2% for every 50% increase in the company's value above a starting level that has not been made public.

Companies around the world, especially technology companies, have cut thousands of jobs after investing in AI. A 2024 study by the International Monetary Fund (IMF) estimated that AI could affect almost 40% of jobs worldwide, and as many as 60% of jobs in advanced economies.

Anthropic said it hopes to reduce the job insecurity caused by AI. The company has already committed $200 million to studying and addressing this problem. It may also consider making large donations to existing nonprofit organizations or giving money directly to specific groups of people.

The company said this new commitment builds on promises already made by its co-founders and employees. When Anthropic was founded, its co-founders promised to donate 80% of the shares they owned.

“When combined with today’s announcement, roughly 20% of Anthropic shares will be dedicated to the public good,” the company added.

None of the shares held by the fund will be used to support lobbying or make political donations in the United States or other countries.

Technology billionaire Elon Musk responded to the announcement on X: “I recommend giving the shares directly to the public... This is what I will be doing.”

The announcement comes after Anthropic released a document outlining its plans for an initial public offering (IPO) in September. In that document, the company said AI could pose “catastrophic or existential risks to humanity.” The planned IPO is targeting a company valuation of up to $2 trillion.