Anthropic plans 5% share allocation for fund addressing AI’s economic impact

The company has already committed $200 million to research on automation’s effects, including worker retraining and income support.

Anthropic, an artificial intelligence (AI) company, announced on 19 October that it intends to allocate 5% of its shares to a new fund designed to address the social and economic consequences of artificial intelligence, including job losses and challenges faced by workers as AI adoption increases. The company said the proposed Public Benefit Fund will require shareholder approval, and its board could authorise an additional 2 percentage points for every 50% increase in Anthropic’s valuation above an undisclosed baseline.

According to Anthropic, the fund could support nonprofit organisations, provide direct financial assistance to specific groups, or finance programmes aimed at helping workers adapt to changes brought about by AI. The company stated it has already committed $200 million to research on the economic effects of automation, including worker retraining and income support, but believes further measures may be necessary as AI capabilities continue to develop.

The company plans to establish the fund as a wholly owned limited liability company rather than a traditional tax-exempt nonprofit. Anthropic said this structure would allow the fund to support a range of financial assistance and public benefit programmes. The company also noted that shares held by the fund would not be used for political contributions or lobbying, either in the United States or internationally.

Anthropic has not yet identified potential recipients or announced when distributions from the fund could begin. The company indicated that further details about the fund’s governance and the valuation milestones that could increase its holdings are expected to be released in the coming months.

This announcement comes amid growing concern in the United States about the impact of artificial intelligence on employment. Anthropic’s initiative follows a broader industry conversation about the need to address the economic disruption associated with rapid advances in AI technology.

Source: https://www.ibtimes.com/ai-expected-cause-wide-societal-disruption-anthropic-devoting-5-its-shares-fight-it-3808723