00:00:00.000Anthropic is now announcing that they are committing a portion of their shares to the Anthropic Public Benefit Fund, a new entity with a structure that increases the stake as the company grows.
00:00:10.000Subject to stockholder approval, 5% of Anthropic's shares will be committed today, with an additional 2% added at the board's discretion for every 50% increase in the company's value above a set baseline.
00:00:22.000And again, the basic idea here is that they are, quote unquote, investing in the public benefit.
00:00:27.000They say, as a public benefit corporation, most of our work in pursuit of our mission takes place inside the company.
00:00:33.000These activities have both a public benefit component and for profit value, so we house them directly in the company.
00:00:38.000But the Anthropic Public Benefit Fund will have increased flexibility and scale, enabling us to pursue our mission in new ways.
00:00:43.000For example, we might explore large donations to traditional nonprofits or direct distributions to specific populations.
00:00:49.000So they're not actually going to hand out stock in their company, God forbid.
00:00:52.000Instead, so that you get to choose what to do with the money, they are going to determine what's in the public benefit and then they're going to donate to it.
00:00:59.000So again, this is effective altruism 2.0.
00:01:03.000So, the effective altruism movement was the basic idea that we will be as capitalist as we want to be, maybe including cheating and stealing, like Sam Bankman Fried.
00:01:11.000And then we'll use more of our money for the causes that we think are really, really, really important.
00:01:17.000Problem is, of course, Anthropic is a very left wing company.
00:01:19.000And so, there is something bizarrely Orwellian about Anthropic because, again, they just send out their leadership to routinely tell you how Anthropic is going to get you all killed, destroy your job, and you will end up being crisped by the robots at some point in the future.
00:01:35.000But at least they're setting up a public benefit fund so that all of their big brains can figure out where the money ought to go.
00:01:41.000So there are some questions about what Anthropic is doing.
00:01:43.000The Wall Street Journal points out that this so called Anthropic Long Term Benefit Trust has huge sway over the company.
00:01:50.000It's governed by documents that we've never seen.
00:01:52.000So it's totally unclear exactly how they're even going to run Anthropic or what this thing is supposed to do.
00:01:57.000According to the Wall Street Journal, the trust has no explicit vote in many shareholder matters, instead, exercising power by appointing most of Anthropic's boards.
00:02:28.000Anthropic says the trustees are financially disinterested and unaffected by Anthropic's material success.
00:02:33.000They don't own Anthropic equity, they don't share it in its profits.
00:02:36.000So, again, the idea is that trustees are going to run the company for the benefit of the general public.
00:02:41.000All these sorts of little games tend not to work particularly well because if it runs too much against the interests of the company, the company will end up taking measures to stop all of it.
00:02:49.000Some legal experts say that basically they have veto power, but with that said, totally unclear whether this is going to work or not.
00:02:59.000So most other companies don't work this way.
00:03:02.000Most companies take steps to insulate themselves from shareholders for a reason because you want the people who founded the company to continue running the company.
00:03:09.000One of the things you don't want is sort of paralysis.
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00:04:04.000And most security systems, well, you know, they might sound an alarm when somebody's already in your property and taking your valuables.
00:05:03.000Everybody feeling invested in the market is a good thing.
00:05:06.000I would like to make the point, generally speaking, that the beauty of free markets is not the charity on the other end of the free market.
00:05:39.000But the value of SpaceX lies in its innovation, it lies in its product, it lies in the fact that it's going to make your life better and easier.
00:07:04.000The rebellion against self driving cars is a generalized rebellion against progress.
00:07:10.000The downside of self driving cars is absolutely minimal.
00:07:13.000You're going to have to explain it to me, truly.
00:07:16.000Explain why self driving cars are bad.
00:07:19.000The more self driving cars that are on the road, the safer they get, by the way, because it's human error that is generally causing people to crash.
00:07:27.000Yeah, the sort of upswing in sentiment against tech is leading to a vast downgrade of the quality of life.1.00
00:07:48.000Well, you know, if you think so, head on over to dailywire.comslash subscribe to watch the full show ad free or check out this crazy story here.