Highlights

  • Elon Musk has shaved $60.4 billion off his wealth this year
  • "ESG is an outrageous scam! Shame on S&P Global," Tesla CEO Elon Musk tweeted in response.

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Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&P a scam

Musk loses $12 billion in a single day from his wealth as Tesla stocks sink

"ESG is an outrageous scam! Shame on S&P Global," Tesla CEO Elon Musk tweeted as the EV giant out kicked off the S&P500's green and clean ESG index. Here is what happened-:

The S&P Global did it's fourth annual rebalance of the sustainably focused, large-cap index this week and Elon Musk's Tesla - the world's largest EV maker got booted off the index.

Tesla the fifth largest holding in the S&P 500, was deemed ineligible as it found itself out along with Berkshire Hathaway, Johnson & Johnson, and Meta Platforms but oddly making it on the sustainable list is oil major Exxon.

Also read/watch| Latest stock market scam: This company was selling something that does not exist

Exxon is rated top ten best in the world for the 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," Musk added.

S&P Global's ration was that while Tesla's ESG score has remained fairly stable year-over-year, it was pushed further down the ranks relative to its global industry group peers." So Tesla is green but some of the other manufacturers are getting greener.

But casting a shade of grey on the ratings is also Tesla's treatment of workers says the global index creator.

Also read/watch| LPG price hiked again, cylinder rates cross Rs 1,000 all over India

"A media and stakeholder analysis identified two separate events centered around claims of racial discrimination and poor working conditions at Tesla's Fremont factory, as well as its handling of the NHTSA investigation after multiple deaths and injuries were linked to its autopilot vehicles," S&P Global said.

Those events led to a lower ESG score for Tesla, leading to its elimination from the index.

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