The ‘hippy’ Wall Street investment firm backed by Prince Harry and Meghan Markle owns tens of millions of dollars of shares in Twitter, Facebook and YouTube’s owner Google despite the couple decrying the ‘hate’ they have encountered online and their personal crusade against fake news.
Ethic, where Harry and Meghan are ‘impact partners’, has pumped clients’ money into the world’s largest social media platforms as part of its business managing $1.3billion of investments for around 1,000 wealthy clients.
The financial firm boasts that it creates ‘personalized sustainability solutions to help investors transition money toward companies that treat people and the planet with respect’. And the Sussexes revealed on Tuesday they invested in the New York fund, declaring ‘when we invest in each other we change the world’ and telling the world their involvement ‘is one of the ways we put our values in action’.
Ethic exists as part of a growing trend in the financial world for ‘ethical’ investments that are marketed to provide clients with a clear conscience and social media-friendly talking point, as well as a healthy return on their stake.
But the company’s financial filings reveal a long list of investments in American corporate giants, similar to the holdings of a traditional investment portfolio. These reveal that the $1.3billion fund has $6.9million in Facebook shares, a $2million investment in Twitter and $32million stake in Alphabet, the parent company of Google and…