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AI Companies Are Voluntarily Planning To Spread The Wealth
Toddler stocks // Illustration by Kate Walker
AI titans are battling to give Americans a piece of their wealth.
Why It Hits: Plenty has been written about how AI will disrupt every aspect of life… and Americans are growing concerned about the government’s lack of a plan to deal with it. To reverse the blowback, Silicon Valley has woken up to the fact that it’s going to need to voluntarily give people a cut of the potentially unprecedented revenue the tech could rake in.
Behind The Shares: Suddenly, every AI CEO wants to be Willy Wonka.
Anthropic CEO Dario Amodei said 5% of the company’s shares would be committed to a “public benefit fund,” with the ability to make charitable donations or direct money transfers to “specific populations.”
That’s on top of Anthropic’s previous philanthropic commitments. By WSJ’s count, about 20% of its shares are “dedicated to the public good.”
Not to be outdone, SpaceXAI CEO Elon Musk commented: “Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many.”
Considering there are approximately 73 million children under the age of 18 living in the US, that would amount to a gift of about $10.5 billion in stock — roughly 1% of Musk’s net worth.
Final Tally: How Amodei’s public benefit fund will actually improve the lives of everyday Americans and how Musk’s shares will be distributed (Trump Accounts have been floated as a possibility) are still big questions. But what’s clear is a growing feeling that some promise of giving needs to be made before AI fully embeds itself across the business ecosystem. Even OpenAI’s Sam Altman funded the largest universal basic income study ever.
In other words, everything’s on the table.
The Future: Eventually, the US government will need to step up and provide a funding mechanism to offset looming job losses — and it might need to do so through some form of public-private partnership.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.