When we launched the American Conservative Values ETF (ACVF), we did it with an important mission in mind: to give voice to the millions of Americans who are sick and tired of watching their retirement dollars fund woke liberal corporate activism. That mission brought us face to face with a troubling trend: major U.S. companies using their platforms not to grow shareholder value, but to push divisive political agendas. One of the worst offenders is Airbnb.
Thatās why, through First Amendment legal powerhouse Alliance Defending Freedom, weāve filed a lawsuit against Airbnb. The lawsuit says Airbnb violated federal securities law and illegally excluded our shareholder proposal (s) from its 2025 proxy statement. Our proposal was simple.
We wanted Airbnb to explain the risks to its business from denying or restricting service to users based on their religion, political status, or Airbnbās expansive speech codes.Ā Instead of playing fair and following the law, we believe Airbnb broke the rules to shut us out. Here is a link to the lawsuit.
We believe Airbnb ignored SEC Rule 14a-8, which requires companies to notify shareholders within 14 days if they plan to exclude a proposal and give them an opportunity to challenge that decision. Airbnb didnāt do that. They just silently buried our proposal because it didnāt fit their politics.
Let me be blunt; This is what corporate viewpoint discrimination looks like in 2025. And weāre not going to let it stand.
We believe in free markets and free speech. As institutional investors, we believe that companies, especially publicly traded ones, should be focused on delivering value to their shareholders, not playing political referee. But Airbnb has turned itself into a culture war weapon. And now theyāre shutting the door on shareholders who dare to question that approach.
We firmly believe that Airbnbās behavior isnāt just wrong. Itās illegal. It undermines the entire purpose of shareholder democracy. Rule 14a-8 exists so that companies canāt pick and choose which viewpoints they allow on the proxy ballot. The SEC has made it clear that if a proposal meets the technical requirements, it belongs in front of all shareholders. Period.
When two different conservative groups (our co-plaintiff, The Heritage Foundation, also had a proposal ignored) submit 14a-8 compliant resolutions, those just get ālost in the mailroom.āĀ That proves our point.
Itās our belief that Airbnb isnāt trying to stay out of politics. Theyāre just trying to silence one side of the political spectrum. Our proposals were lost in the mailroom while a proposal fromĀ a left-leaning group managed to make it to the ballot.
Thatās why weāre taking this to court. This lawsuit isnāt just about one proposal or one company. Itās about defending the right of every investor including conservative investors to be heard. Itās about holding companies accountable when they break the law to protect their political biases. And itās about making sure that our money isnāt used against us.
Weāre grateful to stand with fellow conservative groups like The Heritage Foundation, our co-plaintiffs in the lawsuit in this fight. Weāre grateful to be represented by excellent attorneys at ADF and Boyden Gray. Together, weāre demanding that Airbnb follow the law, include our proposals, and respect the rights of all shareholders, not just the ones who agree with their worldview.
We know this case could set a major precedent. If we win, it will send a loud and clear message to every boardroom in America. Conservatives will no longer be silenced. We have just as much right to shape the direction of the companies we invest in as anyone else. And we wonāt stand by while biased corporations break the rules to push their agenda and shut us out.
So Airbnb had a choice. We believe they could have engaged with us, followed the process, and shown respect for their shareholders. Instead, they chose arrogance and exclusion. That choice now comes with consequences.
The woke bubble is bursting. The days of silent conservative investors are over. And weāre just getting started.
William Flaig is the Founder and CEO of the American Conservative Values ETF (ACVF). www.investconservative.com
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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