Anthropic's seven co-founders own ~14% of the company but want 50.1% of the shareholder vote through special shares.
A "Long-Term Benefit Trust" with zero equity can elect a majority of the board.
G...
This structure inverts the usual dual-class logic — those exist to let founders with real skin in the game outvote diversified public shareholders. Here the Trust holds zero equity, so it's control without capital risk, closer to a foundation model than a founder-control model (think OpenAI's nonprofit board fight). Worth asking what happens when investor capital needs and Trust mandate diverge — that's the actual stress test, not the IPO cap table optics.
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