Tesla removed from S&P 500 ESG Index, prompting Musk pushback - Grizler
The S&P Dow Jones Indices has removed Tesla Inc (TSLA.O) electrician from the S&P 500 ESG Index (.SPXESUP), which is widely tracked, citing issues including racist allegations and crashes linked to its mobile vehicles, a move that has led to the label critical tweets Tesla CEO Elon Musk on Wednesday.
On March 24, a few weeks before he promised to buy Twitter, Elon Musk posted a survey on social media: "Twitter's algorithm should be open source," he wrote, with ways for users to vote "yes" or "no." Some Twitter technology is already open source, which means it is publicly available for anyone to ...
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Elon Musk is the second richest man in the world, with an estimated net worth of $ 155bn. He has founded some of the world’s most successful tech companies from PayPal to Tesla, and his voice weighs heavily on technology circles, but his influence on the crypto market is astoundi...
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Other factors contributing to the change, which came into effect on May 2, include Tesla's lack of published information related to his low carbon strategy or business code of conduct, Margaret Dorn, head of ESG indices North America, said in an interview.
While Tesla has been instrumental in reducing gas emissions through its electric vehicles, Dorn said, its challenges and lack of industry-related disclosure concerns should raise concerns among investors seeking to adjudicate the company on environmental, social and governance (ESG) terms.
"You can not just take a statement of the company's intention in itself, you have to look at its processes in all those important categories," he said.
Tesla's representatives did not immediately respond to questions. But after the change of direction, Tesla CEO Elon Musk wrote on Twitter on Wednesday that "ESG is a scam. It is armed with fake social justice heroes."
The back-and-for highlights the growing controversy about how to judge a business ESG performance. Investors involved in issues such as diversity and climate change have invested in funds using ESG criteria to select stocks, which raises questions about how investments encourage change or whether they have been heavily involved in policy formulation. Learn more
Tesla's removal was part of a series of changes made to the S&P 500 ESG Index since April 22, according to the announcement. Among the reference additions at the same time were Twitter Inc (TWTR), the social media site Musk has a purchase agreement.
Dorn and others did not immediately explain why Twitter was added.
