The obscure trust looming over Anthropic's IPO

Anthropic, a private AI startup, is facing scrutiny over a trust set up by its co-founders, which holds a significant portion of the company's shares. The trust, which was established in 2021, is controlled by a small group of people and has the power to veto major decisions made by the company's board of directors. The trust's existence has raised concerns among investors and potential IPO backers, who are worried about the lack of transparency and potential conflicts of interest. The trust's beneficiaries include the co-founders' families and a few key employees, who together hold a majority stake in the company.