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Retail investors can pool together their influence in activist campaigns with the new trading app Iconik.
The commission free trading service is trying to get investors to vote.
Activist campaigns can be started by investors who pool together shares.
A new commission-free trading app called Iconik allows investors to pool together their voting shares to exert more influence on companies, just like large activist investors and hedge funds.
The new app is trying to change the way investors vote on company issues, such as executive compensation, membership on boards of directors, and company strategy and direction.
It can be difficult to do so because of the fact that a single investor with a few shares in a billion dollar company has little impact on the voting results.
Iconik makes the voting process easier for investors, and helps retail investors use their holdings in shareholder campaigns. Individual investors can use the service to create their own activist campaigns.
The meme stock rally earlier this year inspired Alex Thaler to create the service.
He told DealBook on Wednesday that most investors don't put much value in their voting rights.
The meme stock rally shows that social media makes collective action easier for retail investors.
The app is launching with two shareholder campaigns, one of which demands that Facebook shut down hate speech on its platform, and the other of which seeks to force JPMorgan Chase to stop lending to fossil-fuel companies.
holder democracy is broken. "To ensure that our voices are heard, we must act collectively," Iconik's call to action reads.
Business Insider has an original article.
