The app, Goodbye Gun Stocks, makes it easy for investors to find out where the money from their 401(k) plans or other stocks is going. To use the app, the investor types in the name of the investment account and the app will provide an alert of which companies are involved in the production or sale of firearms.
If an investment plan includes stocks that support the gun industry, the app will recommend options that are firearm-free.
The creators of the app found that over 35% of US stock funds include weapons manufacturers, equaling roughly $17.3 billion invested into the industry, Motherboard reported.
App creators Keywon Chung and Michael Shilman built Goodbye Gun Stocks after Chung discovered that her 401(k) plan invested in Monsanto.
“Monsanto sparked our discussion of topical investing, but we’re more broadly interested. What will it take to provide truly personalized socially responsible investing?” Shilman told Motherboard.
International producers and sellers of non-retail military weapons are not tracked in the app.
