Anthropic IPO Leaves Public Shareholders With Little Power

Anthropic's upcoming IPO will give public shareholders minimal control over the AI company. Three overlapping structures limit their influence: a Long-Term Benefit Trust holding power to elect most board members, a founders' bloc controlling 50.1% of voting shares and three board seats, and public benefit corporation status shielding the board from shareholder lawsuits over safety decisions. Employees can override the trust on certain board appointments. Founders' control ends ten years post-IPO or when fewer than three remain. The trust dissolves only if 85% of common shareholders vote to end it or it steps down with board approval.