‘PUNK’ Closing After Betting Against Meta’s Vision
An exchange-traded fund (ETF) opposing Meta’s viewpoint on the metaverse is closing after 15 months and a loss of about 30%.
The Subversive Metaverse ETF, also known as the “PUNK,” ticker, will be discontinued and liquidated by Subversive Capital as the company turns its attention to artificial intelligence (AI).
The PUNK ETF, which aims to invest in businesses that support the metaverse’s applications and infrastructure, was introduced in January 2022. However, there was a notable omission from the list: Mark Zuckerberg’s Meta.
For the advancement of developing technologies and mankind, Subversive Capital emphasised the significance of ethical businesses committed to values like egalitarianism, democracy, sustainability, and facts in its web fund description. The company asserted that Meta Platforms, Facebook’s parent company, violates these values, contending that any market cap above zero directly imperils liberal democracy and the future of the planet.
(With inputs from Shikha Singh)
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