this post was submitted on 18 Jun 2026
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97
Bernie Sanders Introduces Legislation to Create $7 Trillion AI Sovereign Wealth Fund (www.sanders.senate.gov)
submitted 5 hours ago by beep@piefed.world to c/technology@lemmy.world
22 comments fedilink hide all child comments
 

cross-posted from: https://piefed.world/c/tech/p/1204708/bernie-sanders-introduces-legislation-to-create-7-trillion-ai-sovereign-wealth-fund

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[–] XLE@piefed.social 28 points 5 hours ago* (last edited 2 hours ago) (2 children)

I'm not an economic genius, but this doesn't seem like a great idea.

At current valuations, the sovereign wealth fund that would be created under this legislation would be worth an estimated $7 trillion.

Are these companies really worth what their valuations claim to be?

The Independent Commission would use voting shares in these companies to block decisions that hurt the American people and to push for policies that help them.

Wait, who's purchasing the shares in these companies?

it would require large companies that operate both AI and non-AI businesses to break up those businesses, ensuring the public receives an ownership stake in the AI business.

Separate the profitable part and let the oligarchs keep that for themselves??

ETA: Bernie Sanders has been mislead by an actual AI doom cult leader, so the AI-is-inevitable lobby's foot is already in the door with him.

[–] Grimy@lemmy.world 2 points 2 hours ago

We need to make aggressive nationalization cool again. A thank you card, a pizza party and a "you won at capitalism" medal. Throw them in prison if they complain, China does it with their CEOs.

[–] pennomi@lemmy.world 5 points 5 hours ago (1 children)

Nobody is purchasing the shares here, it’s a tax.

[–] XLE@piefed.social 2 points 4 hours ago* (last edited 4 hours ago) (1 children)

The "tax" is the ownership of those stocks...

This is so bizarre because with other funds, they're done for proven profitable things. Oil in Alaska. We could have gone after all tech company stock, but Bernie Sanders only went for the unproven, unprofitable thing.

[–] pennomi@lemmy.world 1 points 4 hours ago* (last edited 4 hours ago) (1 children)

In what way is a tax a purchase? It’s ownership but not purchase.

The government, on threat of imprisonment, says give us your stock. No money changes hands, only the AI companies lose.

[–] XLE@piefed.social 2 points 4 hours ago* (last edited 4 hours ago)

Neat. The government gets a 50% stake in only the Grok part of SpaceX, not the profitable parts of it... And then the government has an incentive to help Grok profit.

This is bad because it seems like

  • Elon Musk remains untaxed on the profitable parts of his company
  • the government is incentivized to build Grok more poison methane turbines to pump its share value