Gary Marcus slams Anthropic IPO: 2 shares control 50.1% of votes, retail gets no say
GaryMarcus · x · 2026-11-11
Gary Marcus amplified an analysis of Anthropic's IPO voting structure: a single Class F share owned by an LLC controlled by 7 co-founders carries 50.1% of all votes, and one Class T share held by the Long-Term Benefit Trust elects a board majority — leaving public buyers with almost no influence. On liquidation, those shares would pay out just $0.00001 par value. Marcus calls it one of the most one-sided governance structures ever offered to retail investors and accuses Anthropic of being 'totally unethical' whenever money is involved.
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