Newsom Pushes 5% AI Equity Sharing as California Shifts Beyond $35 Million UBI Pilots
Updated
Updated · POLITICO · Jul 15
Newsom Pushes 5% AI Equity Sharing as California Shifts Beyond $35 Million UBI Pilots
3 articles · Updated · POLITICO · Jul 15
Summary
Two years before the primary, Gavin Newsom has made public ownership of AI wealth a centerpiece of his political message, arguing the gains from fast-rising AI companies should flow back to society.
A 5% stake in major AI firms—an idea OpenAI discussed with the White House last month—could be worth tens of billions of dollars as top company valuations approach $1 trillion.
Newsom is casting that approach as a successor to universal basic income, which California once backed with $35 million in pilot programs but which he now describes as outdated for the AI era.
His proposal remains thin on specifics and may face resistance from tech executives, while critics including Dean Baker warn public stakes could legitimize and inflate an AI bubble rather than reduce inequality.
Supporters say the politics are moving quickly: Encode's Nathan Calvin said AI has jumped from a “top-20” issue a year or two ago to a “top-five” issue now.