Elon Musk, the ‘Technoking’ of electric vehicle manufacturer Tesla and hopeful of being the CEO at Twitter, lost $12 billion of his personal worth on a day he chose to speak about his political preferences on Twitter. Find out more at Engineering
Of late, he has shared broad ideas about changes that need to be made at Twitter, a company he dearly wants to acquire. On Wednesday, though, the Tesla CEO vented out some frustration and even tweeted about his political opinions.
As the day progressed, Tesla's stock price sank to the lowest level in 2022, wiping out $12.3 of Elon Musk's wealth, Bloomberg said in its report. Musk's ranting began with the exclusion of Tesla from the S&P 500, a list of companies ranked by their social, environmental, and governance policies. As, the S&P 500 is a relatively new benchmark that investors use prior to making their investment decisions.
Using this metric, Tesla, which has pioneered electric vehicles and is working towards building battery capacities for grids and pushing for solar power, should make the cut. And it did. However, in a recent update, the EV maker was shunted off of the list, clearly irking Musk, who tweeted. Exxon is rated top ten best in world for environment, social & governance by S&P 500, while Tesla didn’t make the list!S&P executive Margaret Dorn told Reuters that Tesla's removal followed reports of racial discrimination at its premises and crashes linked to its autonomous vehicles.
When asked for an explainer on how Exxon topped the list, a representative at the index told Reuters that Musk may have been referring to a list of companies that made it to the index sorted by their market cap and not by their ESG score.
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