Troubles beginning to grow? S&P 500 ESG Index ditches Tesla, invokes CEO Elon Musk’s harsh reaction

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Tesla CEO Elon Musk’s problems are far from over. After his deal to takeover Twitter seems to have gone ‘on hold’, S&P Dow Jones Indices has omitted the electric carmaker, Tesla Inc, from its S&P 500 ESG Index, media reports said. The action seems to have been taken over several issues, such as crashes linked to autopilot vehicles, racial discrimination claims, etc. As the S&P 500 ESG Index is widely-followed, the move has prompted harsh replies in the form of tweets from billionaire Elon Musk on Wednesday.  

Also Read: Elon Musk did not ask anything about business while signing, says Twitter over ‘on hold’ deal

In a tweet, Tesla CEO Elon Musk 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! ESG is a scam. It has been weaponised by phony social justice warriors.”  

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Watch: Will Elon Musk walk away from the Twitter deal?

While hailing the move, Margaret Dorn, who is head of Environmental, Social, and Governance (ESG) Indices for North America at S&P Dow Jones Indices (S&P DJI), said in an interview with a media outlet that the changes were made as Tesla has also not published details relating to its low carbon strategy or business conduct codes.

“You can’t just take a company’s mission statement at face value, you have to look at their practices across all the key dimensions,” Dorn said.  

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(With inputs from agencies) 

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