points by triceratops 3 days ago | 0 comments
> the expectations to maximize shareholder returns
There is no legal requirement to do so. So they can simply set the expectation upfront that they won't do it.
[–] mike_hearn 3 days ago
[–] hollerith 3 days ago
A no-dividends policy is nothing new.
Amazon, Tesla, Netflix, and Palo Alto Networks have never paid a dividend at any point in their histories as publicly traded companies.
Advanced Micro Devices hasn't paid one since 1995, Adobe since 2005.
[–] mike_hearn 3 days ago
True, although Amazon and Netflix at least have done large stock buybacks, which are theoretically equivalent except for tax incidence. So they have returned capital to investors. I didn't check for the others, maybe they did too.
[–] hollerith 2 days ago
Sure, but Anthropic never announced that it will never return capital to investors; did it?
[–] mike_hearn 4 hours ago
I think this S-1 is about as close as you can get to announcing such a policy. It doesn't literally commit them to never returning capital, but it appears to block off or rule out pretty much any chance of them doing so via various means.
The only way to get return from ANT is to sell to someone else at a higher price, but they aren't promising that of course.