This Bill Would Give the American People, Not Oligarchs, Control Over the Future of AI WASHINGTON, June 18 — Sen. Bernie Sanders (I-Vt.) today introduced the American AI Sovereign Wealth Fund Act to give the public a 50% ownership in the largest artificial intelligence (AI) companies in our country. “Left unchecked, Artificial Intelligence and robotics […]
I’m not an economic genius, but this doesn’t seem like a great idea.
At current valuations, the sovereign wealth fund that would be created under this legislation would be worth an estimated $7 trillion.
Are these companies really worth what their valuations claim to be?
The Independent Commission would use voting shares in these companies to block decisions that hurt the American people and to push for policies that help them.
Wait, who’s purchasing the shares in these companies?
it would require large companies that operate both AI and non-AI businesses to break up those businesses, ensuring the public receives an ownership stake in the AI business.
Separate the profitable part and let the oligarchs keep that for themselves??
We need to make aggressive nationalization cool again. A thank you card, a pizza party and a “you won at capitalism” medal. Throw them in prison if they complain, China does it with their CEOs.
This is so bizarre because with other funds, they’re done for proven profitable things. Oil in Alaska. We could have gone after all tech company stock, but Bernie Sanders only went for the unproven, unprofitable thing.
Neat. The government gets a 50% stake in only the Grok part of SpaceX, not the profitable parts of it… And then the government has an incentive to help Grok profit.
This is bad because it seems like
Elon Musk remains untaxed on the profitable parts of his company
the government is incentivized to build Grok more poison methane turbines to pump its share value
I’m not an economic genius, but this doesn’t seem like a great idea.
Are these companies really worth what their valuations claim to be?
Wait, who’s purchasing the shares in these companies?
Separate the profitable part and let the oligarchs keep that for themselves??
ETA: Bernie Sanders has been mislead by an actual AI doom cult leader, so the AI-is-inevitable lobby’s foot is already in the door with him.
We need to make aggressive nationalization cool again. A thank you card, a pizza party and a “you won at capitalism” medal. Throw them in prison if they complain, China does it with their CEOs.
Nobody is purchasing the shares here, it’s a tax.
The “tax” is the ownership of those stocks…
This is so bizarre because with other funds, they’re done for proven profitable things. Oil in Alaska. We could have gone after all tech company stock, but Bernie Sanders only went for the unproven, unprofitable thing.
In what way is a tax a purchase? It’s ownership but not purchase.
The government, on threat of imprisonment, says give us your stock. No money changes hands, only the AI companies lose.
Neat. The government gets a 50% stake in only the Grok part of SpaceX, not the profitable parts of it… And then the government has an incentive to help Grok profit.
This is bad because it seems like