If passed, this legislation would do two crucial things. First, it would give the public a direct role in determining the future of this technology. No longer would the future of A.I. and the transformation of human life that it will bring be dictated by a handful of Big Tech oligarchs. The federal government would have the power, through its voting shares and an equal representation on each company’s board, to block decisions that hurt our citizens and to push for policies that help them.
Second, this legislation would guarantee that the trillions of dollars potentially generated by A.I. are used to improve the lives of all of us — not simply to make the richest people in the world even richer. If the big A.I. companies continue to grow as rapidly as many analysts expect, then the value of the sovereign wealth fund will grow as well — and the benefits to the American people will grow along with it.
This is not an original idea. It has been proposed by scholars. It has been endorsed by some of the leading A.I. companies in America. OpenAI, for example, recently proposed creating a “public wealth fund that provides every citizen — including those not invested in financial markets — with a stake in A.I.-driven economic growth.” Anthropic, led by Mr. Amodei, similarly proposed the creation of “national sovereign wealth funds with stakes in A.I.” Mr. Musk, who runs xAI, wrote [Twitter link], “Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI.”
Dozens of sovereign wealth funds exist all over the world to ensure that ordinary people benefit from national wealth. Norway’s sovereign wealth fund, one of the largest in the world, was funded from the country’s oil wealth and is now worth more than $2 trillion. Instead of a few oil executives pocketing all the benefits of this national resource, Norway made the decision that this wealth should be used to improve life for all of its people.
This concept has already been put into practice right here at home. Fifty years ago, Alaska created a sovereign wealth fund from the state’s oil revenues. For decades, it has paid annual dividends directly to Alaskans. Moreover, public pension funds in states across the country already hold hundreds of billions of dollars in the stock of companies throughout America. Even President Trump, in an executive order, has proposed establishing an American sovereign wealth fund.
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Needless to say, I recognize that for the government to have a major stake in a company, particularly one for which A.I. is only part of its business, is complicated. More details — including the specific spending priorities and the mechanics of implementation — will be included in the legislation I unveil in the coming weeks.
But the principle is simple: When a public resource generates wealth, the public should share in that wealth. A.I. is being built on a public resource far more valuable than oil: the accumulated knowledge, creativity and labor of mankind.
Of course this legislation has no chance, but maybe it will get people talking? I wonder if a variation on it might work, though. The trick would be to get in early, before a startup's valuation...
Of course this legislation has no chance, but maybe it will get people talking?
I wonder if a variation on it might work, though. The trick would be to get in early, before a startup's valuation has gone up. Suppose that, when a startup sells stock to an investor or grants it to an employee, they could give 20% to a sovereign wealth fund, and in return, the investor or employee pays no capital gains? It would probably seem like a good deal at the time (increasing the value of the shares), and the government would hang onto the shares, perhaps selling some if there's a stock buyback.
A lot of startups fail, but some of them grow to be giant companies.
Doesn't qualified small business stock already exist and cover this scenario? I guess maybe this is better if you found a unicorn company.
Suppose that, when a startup sells stock to an investor or grants it to an employee, they could give 20% to a sovereign wealth fund, and in return, the investor or employee pays no capital gains?
Doesn't qualified small business stock already exist and cover this scenario? I guess maybe this is better if you found a unicorn company.
Like so much of Bernie's platform, it's the right thing to do and it's the wrong country to get it done in. Doesn't mean we shouldn't keep trying though. Gotta admire his persistence. It really...
Like so much of Bernie's platform, it's the right thing to do and it's the wrong country to get it done in.
Doesn't mean we shouldn't keep trying though. Gotta admire his persistence.
It really does make sense, it's communal intellectual property, everyone should benefit from it. And there's no way it happens voluntarily with (soon to be) public companies.
Of course this legislation has no chance, but maybe it will get people talking?
I wonder if a variation on it might work, though. The trick would be to get in early, before a startup's valuation has gone up. Suppose that, when a startup sells stock to an investor or grants it to an employee, they could give 20% to a sovereign wealth fund, and in return, the investor or employee pays no capital gains? It would probably seem like a good deal at the time (increasing the value of the shares), and the government would hang onto the shares, perhaps selling some if there's a stock buyback.
A lot of startups fail, but some of them grow to be giant companies.
Doesn't qualified small business stock already exist and cover this scenario? I guess maybe this is better if you found a unicorn company.
Thanks, I wasn't aware of it. Do startups commonly use that?
Like so much of Bernie's platform, it's the right thing to do and it's the wrong country to get it done in.
Doesn't mean we shouldn't keep trying though. Gotta admire his persistence.
It really does make sense, it's communal intellectual property, everyone should benefit from it. And there's no way it happens voluntarily with (soon to be) public companies.