Elon Musk lambasted S&P Global Ratings and said it has "lost its integrity" after Tesla lost its spot from the Environment, Social and Governance (ESG) 500 index.
S&P Global index tracks companies on their environmental, social and governance standards. The Tesla CEO said, "ESG is a scam. It has been weaponized by phony social justice warriors."
.@SPGlobalRatings has lost their integrity
— Elon Musk (@elonmusk) May 18, 2022
He further said, "Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list!"
Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list!
ESG is a scam. It has been weaponized by phony social justice warriors.
— Elon Musk (@elonmusk) May 18, 2022
Expressing his displeasure, Musk in a series of tweets, said "political attacks" on him would "escalate dramatically in coming months."
Political attacks on me will escalate dramatically in coming months
— Elon Musk (@elonmusk) May 18, 2022
Musk also said that despite Tesla "doing more for the environment than any other company ever," it has been removed from S&P global index.
Despite Tesla doing more for the environment than any company ever! pic.twitter.com/ImxrhnRepj
— Elon Musk (@elonmusk) May 18, 2022
At the beginning of this week, S&P Global Ratings announced removal of the largest producer of electric cars from the sustainability list citing concerns related to working conditions at Tesla among its reasons.
S&P explained the reasons in a blog and citied accusations of racial discrimination and poor working conditions at Tesla's California factory and the car maker's handling of federal investigations of crashes involving its autopilot feature.
S&P Dow Jones Indices' ESG chief Margaret Dorn said, "While Tesla may be playing its part in taking fuel-powered cars off the road, it has fallen behind its peers when examined through a wider ESG lens."
As per the announcement, in it changes, effective 2 May, the sustainability index added Twitter Inc and oil refiner Phillips 66, while dropped Delta Air Lines and Chevron Corp.
According to Barron's, nearly $65 billion is indexed or benchmarked to the S&P ESG index, compared to more than $13 trillion for the overall S&P 500 — which includes Tesla.
With inputs from agencies
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from Elon Musk calls S&P 500 ESG Index 'a scam' after Tesla gets kicked off list
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