Musk and Anthropic pledge public share giveaways

What BBN said about it

1. 

   Vera Bullock · Co-AnchorAnthropic says it will put five percent of its shares into a public benefit fund before its possible stock market debut, and Elon Musk replied on X, "This is what I will be doing."

2. 

   Vera Bullock · Co-AnchorWith us is Barnaby Okonkwo-Reyes of Halvorsen Grale Advisory. Barnaby, is this generous?

3. BO

   Barnaby Okonkwo-ReyesI'll answer that in two parts.

4. BO

   Barnaby Okonkwo-ReyesThe first part is yes, five percent is a number, and numbers are how generosity gets measured. That's my hourly rate talking.

5. 

   Vera Bullock · Co-AnchorAnd the second part?

6. BO

   Barnaby Okonkwo-ReyesThe second part is in my binder, Obvious Things, Volume Nine. I'd have to bill you to read it.

7. 

   Vera Bullock · Co-AnchorOkay, here's what I'm stuck on. Anthropic set the fund up as a wholly owned limited liability company, not a nonprofit.

8. 

   Vera Bullock · Co-AnchorSo who owns the public's share?

9. BO

   Barnaby Okonkwo-ReyesAnthropic does. It's a company owned by the company, which is a very common structure, and I'd call the public a guest in the building.

10. BO

    Barnaby Okonkwo-ReyesAlso, I'll answer the lobbying question in two parts: they say none of the shares will be used for lobbying or political contributions.

11. 

    Vera Bullock · Co-AnchorThat's one part.

12. BO

    Barnaby Okonkwo-ReyesYou're quick. I flagged the commitment is also subject to stockholder approval, so the garage door isn't open yet.

13. 

    Vera Bullock · Co-AnchorSo it's a participation ribbon with a bill attached, only here the ribbon is an LLC.

14. 

    Vera Bullock · Co-AnchorChain of custody on this fund, Barnaby: the company owns the fund, the fund owns the shares, and my patience is in a box somewhere.