A look at Anthropic's opaque, five-member Long-Term Benefit Trust, where members own no Anthropic equity but hold enormous sway by appointing most of its board (Theo Francis/Wall Street Journal)

Anthropic's Long-Term Benefit Trust is an opaque, five-member entity with significant influence over the AI company. Despite trustees owning no Anthropic equity, they hold enormous sway by appointing most of its board and having the power to block major company moves. Few details have been shared regarding the dynamics of this unusual trust, which plays a crucial role in shaping Anthropic's direction and governance.