Anthropic’s dual-class share structure borrows ideas from Mark Zuckerberg, Elon Musk — and the New York Times
Fortune Nick Lichtenberg ● Covered by 2 sources
Anthropic’s S-1 IPO filing lays out a five-class share structure that concentrates voting control while limiting public investors’ influence. One co-founder LLC share (Class F) gives 50.1% of the vote with no economic rights, even if founders give away 98% of their shares. The change is that Class A buyers get only one vote per share and generally cannot affect director elections or most shareholder votes, with founder control ending if fewer than three co-founders remain for 90 days.
Why it matters
The AI lab’s IPO filing creates five classes of common stock. Only one is for sale.