Palmer Luckey has created two firms worth more than $US1 billion and been fired from one.
Repeat billion-dollar start-up founder Palmer Luckey, who sold his pioneering virtual reality company Oculus to Facebook in 2014, has castigated socially-minded investment funds for failing to include the defence and nuclear energy industries in their portfolios.
Luckey disagrees, saying he was forced out because he donated “$US9000 [$12,700] for one billboard that was critical of Hillary Clinton” around the time of the 2016 US presidential election, despite other technology executives giving vastly larger political donations. He does take aim, though, at what he sees as gaps in environmental, social and governance focused investors’ portfolios. The industry’s general aversion to the defence sector has comesince Russia’s invasion of Ukraine made clear that conflict between major powers, albeit via proxies, is not a thing of the past.
The argument against investing in defence companies is that their products can just as easily be used any government, and even when they sell to established democracies, such firms have an incentive to encourage military adventurism.Luckey says which nations weapons firms sell to should be determined by elected leaders in their home countries.
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