Tesla Flies Out of S&P Sustainability Index – Musk Outraged
Accusations of racism, abusive working conditions, fatal accidents – Tesla reportedly does not fit into the Sustainability Plant category ESG. The boss of the car builder speaks of “dizziness”.
New York electric car maker Tesla has been removed from the S&P 500 ESG stock index for allegedly sustainable investments – Elon Musk does not like that at all. The Tesla boss described the ESG plant category in a tweet on Wednesday as “dizzying” and accused the index provider of losing its integrity.
ESG is the English abbreviation for Environmental, Social, and Governance – under this label, the financial industry offers financial facilities that take more into account criteria such as environment, social and good corporate governance.
S&P Dow Jones Indices explained the decision in a company blog. There are “many reasons” that Tesla – despite the self-proclaimed mission to accelerate the transition to sustainable energy – no longer belongs to the S&P 500 ESG Index.
Tesla slipped compared to the rest of the industry
In addition, racism allegations and complaints about poor working conditions at Tesla’s US car factory as well as the handling of investigations into partly fatal accidents in connection with the driver-assisted “autopilot”, explained S & P analyst Margaret Dorn. Nevertheless, Tesla’s sustainability ranking has remained relatively stable over the past year. However, the rest of the automotive industry has significantly improved, causing Tesla to slip in comparison.
Tesla Flies Out of S&P Sustainability Index - Musk Outraged - /10
Accusations of racism, abusive working conditions, fatal accidents - Tesla reportedly does not fit into the Sustainability Plant category ESG. The boss of the car builder speaks of "dizziness".