WASHINGTON, Feb. 8, 2021 /PRNewswire/ — Today the American Conservative Values ETF (NYSE: ACVF) hails FloridaGovernor Ron DeSantis’ effort to crack down on Big Tech.
“Governor DeSantis’ effort to rein in Big Tech is a bold and necessary move to hold Big Tech responsible for silencing free speech and it also validates our decision to boycott investing in companies that may threaten our liberties,” said Tom Carter president of Ridgeline Research adviser to the American Conservative Values ETF.
Moreover, the governor’s action highlights the potential business risk in terms of potential financial penalties, lawsuits and reputational damage for companies that censor Conservative thought and expression. “Big Tech is creating political backlash by selectively targeting conservatives,” added Carter.
DeSantis announced he wants legislation to penalize companies he described as “monopoly communications platforms” such as Facebook, Twitter, Google, Apple and Amazon that use their dominance to censor Republican voices.
“We believe companies that engage in advancing a liberal agenda may negatively impact shareholder returns over the long run,” said Carter.
Specifically, DeSantis proposes the legislation will establish a $100,000-a-day fine to punish companies that remove a political candidate from platforms and another measure would allow Floridians and Florida’s attorney general the ability to file lawsuits if social media platforms do not equally apply standards.
“We created the American Conservative Values ETF for the political conservative investor who wants to avoid investing in companies that actively attack their political values,” added Carter.
ACVF seeks to boycott ownership of companies which the adviser determines support liberal causes, charities, advocacy groups, campaigns, candidates, PACs, and think tanks. The fund is designed to be a core holding replacement for Large Cap Index ETFs and Mutual Funds. Its portfolio is broadly diversified and seeks to manage active risk to capitalization-weighted benchmarks such as the Russell 1000 and S&P 500.
SOURCE American Conservative Values ETF