Nothing concentrates the collective mind of the markets more than an Elon Musk tweet, and his furious reaction to Tesla’s removal from the S&P500 environmental, social and governance index has given fresh energy to the debate over sustainable finance measurements.
“ESG is a scam. It has been weaponized by phony social justice warriors,” Musk tweeted on May 18, adding that S&P had lost its integrity.
His intervention came soon after BlackRock announced that it will support fewer shareholder resolutions linked to climate change this year because proposals are becoming too prescriptive.
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