Elon Musk has a vendetta against ESG investing. On May 18, the Tesla CEO and potential future owner of Twitter tweeted a tirade against the ratings firm S&P after Tesla was dropped from S&P’s index of companies with top environmental, social, and governance ratings. The firm has “lost [its] integrity” and turned ESG ratings into a “scam,” he said, by allowing them to be “weaponized by phony social justice warriors.” As evidence, he cited the fact that oil major ExxonMobil remains in the index.Musk is right that ESG needs an overhaul—but not, as he said, because it only measures “how compliant your business is with the leftist agenda.”ESG funds have counterintuitive rulesRead the rest of this
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