Who’s really in charge at Anthropic after the IPO?
techcrunch ·
As Anthropic approaches its initial public offering, the article reveals a complex corporate governance structure that significantly limits the influence of common shareholders. The company operates as a public benefit corporation, allowing its board to prioritize AI safety over pure shareholder value. Control is heavily distributed among three key groups: the Long Term Benefit Trust, which can elect a majority of the board; the seven founders, who hold special stock granting them 50.1% of voting power; and the board itself, which retains some checks on the trust. This intricate system aims to ensure long-term mission alignment but leaves public investors with minimal say in major decisions, such as board composition. Employee votes can also intervene in specific scenarios involving director nominations or removals. The founders' enhanced control is temporary, set to expire ten years post-IPO or when fewer than three founders remain. Ultimately, common shareholders will only gain full control if these special structures are dissolved.
techcrunch