Artificial intelligence firm Anthropic announced on Sunday that it is committing five percent of its shares to a new fund dedicated to the public good. The creator of the Claude assistant plans to increase the contribution as its market value grows.
The company made the announcement as technology firms face intense scrutiny over the potential dangers posed by frontier technology. The new entity is called the Anthropic Public Benefit Fund.
In a blog post, the San Francisco firm said the initial five percent commitment is subject to stockholder approval. An additional two percent would be added at the board of directors’ discretion for every 50 percent increase in company value.
Tech companies commonly offer escalating compensation awards to their executives, the firm noted. Instead, Anthropic is directing that equity to the public benefit.
The fund could be used to make donations to traditional nonprofits and provide direct distributions to specific populations. Labour market disruption caused by artificial intelligence could also be among the causes addressed by the fund.
Anthropic stated that it has already committed $200 million to studying and addressing job market disruption. Given the pace of artificial intelligence progress, bolder approaches may be needed and the fund will have the versatility to pursue them.
The company is officially registered as a public benefit corporation in the United States state of Delaware. Anthropic said the fund would not be used for lobbying or political donations, either domestically or overseas.
Founded in 2021 by former employees of ChatGPT creator OpenAI, Anthropic is preparing for a potential initial public offering. Analysts forecast a valuation exceeding $2 trillion for the firm before the end of the year.
The company charter requires its leadership to balance shareholder returns with responsible artificial intelligence development. The rapid pace of technology development has prompted widespread anxiety about possible negative downstream effects on society.
A report published last month by consulting firm McKinsey estimated that up to 11 million American workers may need to switch careers over the next decade due to automation driven by artificial intelligence.
