Sanders Introduces Bill to 'Thwart Big Tech Oligarchs' Via 50% Public Stake in AI Giants

US Sen. Bernie Sanders on Thursday introduced legislation that would give the American public a 50% ownership stake in the largest artificial intelligence companies, a move that comes as AI capitalism is rewarding a handful of plutocrats with unprecedented wealth at the eventual expense of many millions of jobs—and possibly humanity's very existence.

Sanders' American AI Sovereign Wealth Fund Act would give the public a direct ownership stake in the largest AI companies in America via a one-off 50% tax on the companies' stock. The taxed shares would be deposited into the sovereign wealth fund, a state-owned investment vehicle similar in purpose to Norway's Government Pension Fund, which is funded by oil revenue.

The senator estimates that the tax would generate around $7 trillion for the fund.

“The principle is simple: When a public resource generates wealth, the public should share in that wealth,” Sanders said in a statement. “The future of AI and the fate of humanity must not be decided behind closed doors in Silicon Valley by billionaires seeking to maximize their power and profit. It must be decided by workers, parents, teachers, artists, scientists, communities, and the American people.”

Sanders' proposal comes as AI and related companies have generated trillions of dollars for their shareholders and executives. Meanwhile, AI deployments have resulted in thousands of lost jobs per month in the United States, with that number expected to increase dramatically as the technology improves exponentially.

Eventually, recursive self-improvement—AI that evolves independently of human control—is widely expected to result in Artificial General Intelligence, a tipping point when AI matches or exceeds human capabilities across virtually all cognitive tasks. Experts say that this could lead to wildly varying outcomes, ranging from a "golden age" of AI-driven prosperity to techno-authoritarian government to malicious artificial intelligence wiping out humanity.

In addition to the sovereign wealth fund proposal, Sanders is also calling for a nationwide moratorium on AI data centers, which cause tremendous environmental harm while consuming a staggering amount of energy amidst a worsening climate emergency.

“As a society, we can no longer sit back and allow a handful of Big Tech oligarchs to determine the future of this revolutionary technology with no democratic input," Sanders said Thursday.

"AI was not created out of thin air. It was not a brilliant idea that just popped into Mark Zuckerberg’s head or Elon Musk’s imagination," he added. "The foundation of AI is based on the collective knowledge of humanity and the creative work of tens of millions of people. The American people must have the ability to slow it down and make sure that AI benefits humanity, not just the richest people on the planet. That’s precisely what this legislation does.”