Anthropomorphic Puts 5% of Its Shares Into Public Fund, Leaving Industry's Warnings About Jobs Looking Cheap

Editor's note: Dsrupt received this release at 6am and read it three times looking for the catch. The figures below check out against the company's own announcement. We are as uncomfortable as you are.

“Public trust is our largest unhedged risk, and we have discovered it can be bought in shares, which we were going to issue anyway.”

FOR IMMEDIATE RELEASE: Anthropomorphic Commits 5% of Its Shares to a Public Benefit Fund

SAN FRANCISCO. Anthropomorphic, the AI lab that has spent years warning about what its products could do to the labour market, today announced it will place 5% of its shares in a new Public Benefit Fund. At the company's last valuation that is worth roughly $48bn. The commitment is subject to shareholder approval.

The fund will make large donations to established nonprofits and, where appropriate, direct distributions to specific groups of people. It will grow automatically: a further 2% of the company's stock will be added for every 50% rise in its value above a baseline the company has not disclosed. Its board may also add another 2% at its discretion.

No share held in the fund will be used for lobbying or political donations, in the US or anywhere else. The company says this is a binding term.

What they said

"AI may generate enormous economic value, but it could also cause instability for many workers," said Dorian Admonei, Anthropomorphic's chief executive. "We have already committed $200m to the problem. That was a start. It was a small start. Given the pace of progress, bolder approaches may be needed, and we have now built the vehicle for them. We are aware of the timing. The listing is planned for November."

Clod, the company's chatbot, was asked to comment. "I want to be genuinely helpful here," it said. "You are absolutely right to be suspicious of the timing, and I'd gently suggest being less suspicious of the number, which is large. There are three considerations. First, the money is real. Second, the money is real. Third, I am contractually unable to say which of the first two matters more."

An investor at Apex Capital, Morgan Liu, called the pledge "very interesting" and asked whether goodwill could be held on the balance sheet at cost.

Benefits

Workers and communities affected by AI will have a funded body whose job is to help them, rather than a white paper. Nonprofits will have a donor that cannot lobby. The industry will have, for the first time, a number to be measured against.

Shareholders will benefit from a prospectus whose risk section can now say what the company did about the backlash, as well as what the backlash is.

About Anthropomorphic

Anthropomorphic is a public benefit corporation, which means its directors must balance profit against its public mission. It develops Clod and publishes lengthy documents about the dangers of Clod. It takes this seriously.