It’s time to block reckless AI IPOs and tax billionaires | Naomi Klein and Ilana Glazer
Summary
Naomi Klein and Ilana Glazer argue that the U.S. should tax billionaires and block planned IPOs by AI companies such as Anthropic and OpenAI. They say speculative technology listings could expose ordinary investors to major losses and deepen economic inequality.Key Facts
- The authors call for legislation to tax billionaires, beginning in California and New York.
- They argue that IPOs can make company risks part of the investments held by ordinary people, including retirement accounts.
- The article says Anthropic and OpenAI intend to go public in the near future.
- The authors say both AI companies have disclosed large debts and have had security flaws exposed.
- The article claims the 10 most valuable public companies are all in the technology sector.
- The authors point to the 2008 financial crisis and Theranos as examples of risks from investment bubbles and corporate failure.
- The article says Elon Musk, Larry Ellison, and Sergey Brin have supported political or corporate efforts that the authors oppose.
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