Tech money from Anthropic and SpaceX is transforming philanthropy, but will that cash benefit woke causes or real Americans?
On Sunday, AI giant Anthropic pledged to give 5% of its shares to a philanthropic fund, a massive commitment which certainly looks generous at first glance.But that stake goes into a fund Anthropic’s bosses control, which prioritizes woke Effective Altruist causes — such as companies that spend millions ensuring shrimp farms use stun guns to kill the seafood, as it is more humane.Hours later, Elon Musk offered a different approach — giving American children a stake in SpaceX.“Next year, I will give one of my SpaceX shares to every kid in America,” he announced on X.The giveaway will be worth nearly $11 billion at current market value and distributed through Trump Accounts, according to sources.The contrast highlights a hot question under debate in Silicon Valley: Should trillion-dollar companies devote their incredible windfall to pet causes chosen by their leaders, or help the next generation build wealth of its own?For an industry warning that AI could replace workers and upend their futures, giving people a financial stake in that future seems a far better response.Brad Gerstner, a founder, chairman, and CEO of Altimeter Capital and the architect of Trump Accounts, told me that Musk’s donation is just “the tip of the iceberg” — in terms of charitable contributions the accounts could receive and the number of Americans the donations could reach.By the end of 2027, Gerstner estimates private contributions to Trump Accounts could total $100 billion, as other Silicon Valley leaders join the likes of Susan and Michael Dell, Ray Dalio, and Gwynne Shotwell.But an even more significant development is who could soon qualify.
Right now, the accounts are only for citizens under 18.All money deposited in them is invested in the stock market, giving it a chance to grow.
Once they turn 18, accountholders get access to the cash and can use it for various endeavors — paying for college, buying a first home, starting a business, or leaving it to continue g...