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May 19, 2022According to TheRepublicWorld:
The World’s richest man Elon Musk saw over $12 billion being wiped out of his enormous net worth owing to a steep fall in Tesla’s share prices. According to Forbes real-time data, Musk’s net worth has dropped to $218 billion as Tesla’s shares tumbled 6.8%. The reason for the evaporation of Musk’s wealth is being attributed to his recent comments on politics and the S&P Global Ratings which kicked out Tesla from its ESG index.
The ESG index, which stands for Environment, Social and Governance, basically ranks the companies based on these standards and assists the investment of environmentally conscious investors.
In a blog post released earlier this week, S&P’s Head of North American ESG Indices Margaret Dorn cited auto-pilot crashes, alleged racial discrimination and poor working conditions as the reasons for Tesla’s removal. Tesla’s (lack of) low carbon strategy and codes of business conduct was also listed among the reasons.
Owing to Musk’s statements on Twitter on Wednesday, his electric car-maker, which is the world’s most valuable car company, saw its lowest dip this year. The company has a total market capitalisation of over $1 trillion and its majority stake- about 15.5%- is owned by Musk himself. Unhappy with the ESG rankings, the billionaire called it a “scam” and said that S&P Global has “lost their integrity”. He further slammed the rankings alleging that “It has been weaponized by phony social justice warriors” and claimed that the political attacks on him “will escalate dramatically in coming months”.
