FWIW, I don’t actually know if board of Anthropic has actual power to replace its CEO or if Dario has retained some form of personal super-control shares Zuckerberg style.
At some level of growth, the dynamics between competent founders and shareholders flip. Even if the board could afford to replace a CEO, it might not be worth it.
I'd counter that at this level of capital, if the CEO doesn't well align with the capital, then super-control shares will be overpowered by super-lawyers and if there is need some super-donations. OpenAI was a public interest company...
Not at all. Especially at that level of capital. It’s the equity equivalent of „if you owe a bank a million dollars, you’re in trouble. If you owe a bank a billion dollars, the bank is in trouble”.
Capital is extremely fungible. Typically extremely overleveraged. Lawyers are on the other hand extremely overprotective. They won’t generally risk the destruction of capital, even in slam-dunk cases. Vide WeWork.
This is fundamentally incorrect.
Anthropic has an odd voting structure. While the CEO Dario Amodei holds no super-voting shares, there are special shares controlled by a separate council of trustees who aren't answerable to investors and who have the power to replace the Board. So in practice it comes down to personal relationships.