NEW YORK—A national gun holdings divestment campaign that was spurred by the shootings of elementary school children in Newtown, Connecticut last December is making progress with some of America’s top investors.
The divestment campaign, launched six months ago by the gun control advocacy group Moms Demand Action and New York City Public Advocate Bill de Blasio, runs through an online forum called Wallstreetforchange.com.
The campaign organized phone calls to targeted hedge funds, and asked the public to take a pledge not to invest in publicly-traded gun manufacturers, such as Smith & Wesson Holding Company, Sturm, Ruger & Co, and Olin Corporation.
On Monday, July 22, de Blasio announced in a statement that eight hedge funds and money managers have “completely divested their gun holdings” valued at $150 million.
In addition, 14 other firms have made a 27 percent decrease from their total holdings in gun investments.
“By divesting from companies that profit from sales of assault weapons and high-capacity magazines, these companies are making an investment in the safety of American children,” states Shannon Watts, founder of Moms Demand Action For Gun Sense In America in a press release.
Public protests against gun violence since the Newtown tragedy are credited by de Blasio for adding much needed pressure on investors to take action.
