Elon Musk, the founder of Tesla, is furious that his company has been excluded from the S&P 500 ESG Index. Only shares in sustainable businesses are included.
Environment, Social, and Governance (ESG) are acronyms for Environment, Social, and Governance. Companies that fall under such classification perform well in these areas. Despite Tesla’s claims that it wants to help the world expedite the transition to sustainable energy, S&P Dow Jones feels there are “several reasons” why the business should not be included in its ESG Index.
Accusations of racism, complaints about bad working conditions at Tesla’s US plants, and the company’s handling of accident investigations involving its cars, according to S&P analyst Margaret Dorn.
Musk took to Twitter to voice his disappointment with the outcome. “ESG is a con,” he declared. He also mentioned that ExxonMobil, the American oil company, was ranked first on the list of the most sustainable firms.
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