As OpenAI and Anthropic approach IPOs, a surprising power structure could impact investors. Both companies are governed by "mission" directors, who may hold minimal equity and aren't accountable to shareholders. These directors can prioritize humanity's benefit over stockholder profits.

This model mirrors Ben & Jerry's, which saw its founders sell to Unilever in 2000. Unilever agreed to share control with self-perpetuating independent directors tasked with preserving the company's "social mission" and "brand integrity." This arrangement ultimately led to a "spectacular failure," raising concerns about similar outcomes for AI companies.

The risk for investors, particularly at OpenAI, is significant. It remains unclear if these mission-driven directors will genuinely benefit humanity or if this structure will lead to a Ben & Jerry’s-style meltdown.