Parkland student David Hogg’s attempt to launch another anti-gun boycott Tuesday raised some eyebrows but, so far, not much else.
The Florida teen, who has thrust himself into the spotlight for his vocal stand against guns since the mass shooting at his high school in February, called for a boycott of Vanguard and BlackRock, two of the world’s biggest investors in gunmakers.
“If you use them, feel free to let them know,” the teen activist tweeted Tuesday, adding “#BoycottVanguard #BoycottBlackrock.”
.@blackrock and @Vanguard_Group are two of the biggest investors in gun manufacturers; if you use them, feel free to let them know. Thanks ?
— David Hogg (@davidhogg111) April 17, 2018
#BoycottVanguard #BoycottBlackrock
— David Hogg (@davidhogg111) April 17, 2018
Hogg also tweeted a table showing other investment companies with the number and value of shares they hold.
More info, feel free to tag these companies pic.twitter.com/KODc2by5yO
— David Hogg (@davidhogg111) April 17, 2018
BlackRock and Vanguard are not as well known and recognizable as Hogg’s last target, Fox News host Laura Ingraham who was subjected to a boycott launched by the teen when his feelings were hurt by her comment about his college application rejections.
The attention-hungry Hogg even teased his latest boycott announcement ahead of Tuesday’s tweets, prompting a well-deserved jab from his conservative classmate, Kyle Kashuv who bestowed the new title of “Boycott Man” on the high school senior.
But Ingraham’s boycott boomeranged as advertisers returned and ratings climbed for “The Ingraham Angle” which saw its highest ratings ever after the boycott. But, while Wall Street firms may be pressured by customers demanding action in the gun debate, it is not clear what Hogg’s call for a boycott against BlackRock and Vanguard would look like. It may bode well for the companies instead.
Excellent. As usual, thanks for great list and promotion. I expect these companies sales and shares will soar after that, as everything you promote does. I, as an investor, can only be happy.
— Sergey Chunayev (@SergeyChunayev) April 18, 2018
Thank you for the investment advice…now I know exactly what companies to use for my investments #nrasupporter #15minutesareup
— jtown1970 (@jtown1970) April 18, 2018
#NRA #2A #MAGA Fear not patriots. Anything #HoggWash boycotts explodes in prosperity. Any who join him despair in bankruptcy. https://t.co/Avnj5JtGGv
— Deplorable #NRA Biker ? (@Python0159) April 18, 2018
According to Yahoo Finance:
BlackRock, Invesco (IVZ) and Vanguard are the top three institutional holders of American Outdoor Brands (AOBC), the parent company of Smith & Wesson Corp., one of the world’s largest gun manufacturers. BlackRock and Vanguard are also the largest holders of gunmaker Sturm Ruger (RGR).
Many of these funds are passively managed, which means companies like American Outdoor Brands and Sturm Ruger are in their portfolios because they are part of major stock market indexes.
Earlier this month, BlackRock, the world’s largest asset manager, announced that it would offer two new exchange-traded funds and new index-tracking products for pensions and 401(k) plans that exclude stocks of gunmakers and large gun retailers. This was in response to the mounting pressure from customers urging Wall Street to take a stand on the gun debate.
“Vanguard is taking action, meeting with the leaders of gun manufacturers and distributors. We want to know how they will mitigate the risks that their products pose and how they plan to help prevent such tragedies from happening again,” a Vanguard spokesperson told Yahoo Finance.”We believe that boards and managements of gun manufacturers should disclose and reduce the risks associated with gun violence and the ongoing national debate on gun safety and control. We believe that when a business poses a risk to society, it can also pose a risk to investors,”
Hogg may be facing an uphill battle with his latest boycott against the financial titans which has so far been met with a lack of enthusiasm.
Please educate yourself @davidhogg111 because you’re doing your own viewpoints more harm than good attacking investment companies that hold “shares in street name” for clients and in index funds. The actual holders of these shares are everyday Americans saving for retirement.
— P.S. (@pixelated_soul) April 18, 2018
Oooooo we better boycott where my husband has his retirement fund..?… Dude. Start TALKING vs insulting, cursing and throwing boycotts left and right. It isnt working. I don’t even agree with you BUT stop the madness and take some advice. Your current tactic is backfiring.
— ?Red Spærrow?? (@SmokeShow173) April 18, 2018
You really think trying to hurt good people who work hard to provide for their families is making a change? Son, you need to check your message, this isnt that coming together you spoke of! The bullying of people’s livelihoods is not accomplishing anything
— Melsandj (@melinda63312935) April 18, 2018
David, quit being a jerk. My life savings is in Vanguard. I want them to survive. #BoycottHoggBoy
— Lis Dawg Truth (@prolifemom123) April 18, 2018
Thought you were boycotting BlackRock & Vanguard, owners of Twitter? But you’re still tweeting. #HoggHypocrite.
— Pastor Clay Walker (@TMSChurch) April 18, 2018
Your 15 minutes has clearly gone to your head, and you also clearly don’t understand free markets. Please take a step neck out of the limelight and grow up a little before opening your mouth again.
— Gene Gary Garza Jr (@GGGJ225) April 18, 2018
He honestly believes people are sitting on the edge of their seat waiting on his word. Lol and sadly probably a lot of people are.
— Real Brock J (@brockjarrettcpa) April 18, 2018
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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