Bernie Sanders Proposes Giving the Public a 50% Stake in AI Companies

Vermont Senator Bernie Sanders announced that he will introduce a bill to give the public a 50% stake in the country's largest artificial intelligence companies.

Senator Sanders wrote in the New York Times about the American AI Sovereign Wealth Fund Act. This bill would create a government-managed fund with stock from companies like OpenAI and xAI. The idea is that since AI is built on the knowledge and work of the American people, they deserve a share of the profits. Sanders proposes a one-time transfer of 50% of equity from these companies to the government.

Here's what Senator Sanders is proposing.

The fund would take half of the stock from the largest AI companies through a required equity transfer. The government would then have voting shares and equal board representation, giving it the power to block decisions that harm the public. This is not a tax on profits.

The money made by the fund would go directly to Americans as cash payments. As the fund grows, it could support public goods like healthcare, education, and housing. Senator Sanders points to Norway's sovereign wealth fund as a working model.

Senator Sanders argues that AI models were built on the work of millions of people without their consent or payment. He believes that the wealth generated by AI should be shared by everyone. AI industry leaders are preparing for a big payday when companies like Anthropic and OpenAI go public.

Senator Sanders notes that some AI industry leaders have proposed similar ideas. OpenAI CEO Sam Altman has suggested a public wealth fund tied to AI growth. Anthropic has called for national sovereign wealth funds with AI equity stakes. Musk has advocated for a universal high income to offset AI-related job loss.

Senator Sanders sees these industry positions as validation, but it's different to endorse an idea and to accept a 50% equity transfer.

Senator Sanders acknowledges that the legislation is still being written and many questions remain unanswered.

One question is about profitability. OpenAI is not profitable and has operated at a loss. A sovereign wealth fund based on equity in unprofitable companies won't generate dividends.

Another question is about scope. Applying government ownership to companies where AI is only part of the business is complicated. It's unclear how companies like Microsoft and Google would be affected.

The proposal does not mention environmental impact. AI infrastructure has real costs that affect communities, and there's no mechanism to address these costs.

However, a well-structured sovereign wealth fund could distribute some AI wealth to the people. Government board representation could create accountability for the AI industry.

Until the senator introduces the actual legislation, we have a premise that's hard to argue with, but a plan that's still a sketch.

Senator Sanders' proposal is a starting point for a conversation about AI and its impact on society.

The idea of a sovereign wealth fund is not new, but applying it to AI companies is a new approach.

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