Just three years after seeking a $2 billion IPO, a green finance startup backed by celebrities is falling apart as it faces investigations by U.S. authorities.
The company, Aspiration Partners, was one of the first climate-oriented companies going into public markets that focused on consumer finance rather than clean renewable energy.
Touting itself as “Wall Street greed’s worst nightmare,” it offered investment funds that excluded oil companies and promised customers it would plant a tree every time they swiped their credit card. Customers just needed $500 to invest in their first mutual fund with them, and they used a tipping model instead of charging customers fixed fees.
Among those who supported the company in the last decade are actors Leonardo DiCaprio, Robert Downey, Jr. and Orlando Bloom, along with rapper Drake and supermodel Cindy Crawford. Drake even promoted Aspiration Partners, whose tagline “Clean rich is the new filthy rich” could be found on billboards in major U.S. cities.
These celebrities would have enjoyed a nice payday if the company had gone public. Instead, it is facing scrutiny by the Securities and Exchange Commission and the Department of Justice, both of which are now looking into its activities. […]
– Read More: www.naturalnews.com
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