Elon Musk, the founder and CEO of electric vehicle (EV) maker Tesla (TSLA), is furious about the company’s removal from the S&P 500 ESG (Environmental, Social, and General) Index. The S&P 500 ESG is a broad-based, market-cap-weighted index designed to measure the performance of companies meeting specific criteria on sustainability.
The billionaire vented his emotions via tweets as his fury was further ignited after oil and gas company ExxonMobil (XOM) made it to the top ten best in the ESG world, while Tesla did not even make it to the list! He went on to state, “S&P Global Ratings has lost their integrity.”
His tweets were flooded with replies from fans resonating with the same contempt. Some even quoted that Tesla produces more “clean energy” than others and that companies who fill the S&P’s pockets make it to the list.
Others even suggested that Musk’s recent comment on turning his vote in favor of the Republican party in the next elections has resulted in the company losing its credibility.
The news has also infuriated the likes of many, including expert hedge fund manager Cathie Wood quoted as saying, “Ridiculous. Not worthy of any other response.” Even investment advisor Ross Gerber of GK ETF tweeted, “ESG is an outrageous scam! Shame on @SPGlobal.”
Notably, on Tuesday, the S&P Dow Jones Indices stated the reasons for Tesla’s removal from the index. They stated that Tesla’s ESG score, though “fairly stable,” has slipped in comparison to global peers. Furthermore, concerns related to working conditions and investigations into drive-assisted systems-related deaths and injuries have also resulted in a lower ESG score for Tesla.
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Original Source :tipranks.com
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