The "ethical" investment firm that Prince Harry and Meghan Markle have backed to "put their values in action" apparently doesn't share all of their beliefs.
It has emerged that the New York-based firm Ethic, which claims it will only invest investors' cash in businesses it believes passes its "social responsibility criteria," has tens of millions of dollars invested in social media giants. Its most recent filings showed that it has invested in shares in Facebook, Twitter, YouTube's owner Google, as well as internet and tech giants Amazon, Microsoft and Apple, reports Mail Online.
The Duke and the Duchess of Sussex, who had recently announced their roles as "impact partners" and investors in the firm saying they aim to "change the world" by becoming "ethical" bankers, had previously criticised the social media platforms in which they have now indirectly invested. Meghan had even compared the platforms to drugs, noting that she has "made a personal choice to not have any account" on them, as not knowing what's out there has been helpful for her in many ways.
"There are very few things in this world where you call the person who's engaging with it 'a user.' People who are addicted to drugs are called users and people who are on social media are called users," she had said during an appearance at Fortune's Most Powerful Women Next Gen Virtual Summit in October last year. She and Harry were also supporting a pressure group called "Stop Profit For Hate" that was organising a Facebook advertising boycott.
Despite their strong aversion to the sites, the couple have put her money in Ethic which they believe will "rethink the nature of investing to help solve the global issues we all face." The company, built in 2015 by Doug Scott, itself boasts that it creates personalised sustainability solutions to help investors transition money toward companies that treat people and the planet with respect."
However, its financial filings reveal a long list of investments in American corporate giants, similar to the holdings of traditional investment firms. Their $1.3 billion fund has $6.9 million in Facebook shares, a $2 million investment in Twitter, and a $32 million stake in Alphabet, the parent company of Google and YouTube. It also has shares in Coca Cola, Visa, Nike, and Tesla.