Anthropic commits 5% of its shares to public benefit fund

Artificial intelligence giant Anthropic is committing 5 percent of its shares to a fund that will make donations for the public good. Jack Clark, a co-founder and Head of Public Benefit of Anthropic, announced the move as the firm lays the ground for a potential blockbuster stock market listing that could value the company at more than $1tn. 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 filing that AI could pose catastrophic or existential risks to humanity. According to the BBC, the proposed fund could support nonprofit organisations and efforts to address AI's impact on the jobs market. The Public Benefit Fund could also receive another 2 percent of the firm's shares at its board's discretion, the Claude developer said in a statement released on Sunday. Technology billionaire Elon Musk responded to the announcement on social media by writing, "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 percent to $16.8bn in the three months to the end of September. The company is seeking to position itself as being able to generate huge profits despite spending billions on developing the technology and building infrastructure to power its models. Companies around the world, primarily technology firms, have cut thousands of jobs after investing in artificial intelligence, with many pointing to higher efficiencies from its adoption. Research by the International Monetary Fund suggests that almost 40 percent of jobs around the world will be affected by AI, with that figure rising as high as 60 percent in advanced economies. When a tech giant valued at a trillion dollars starts creating safety nets for workers, the rest of the industry usually has to follow.