Tesla Inc TSLA shares sank to their lowest level this year on Wednesday, wiping out $12.3 billion from CEO Elon Musk's net worth, Bloomberg News reported.
What Happened: Musk has lost $49 billion since announcing his formal bid for Twitter on April 14, days after revealing his stake in the microblogging company.
The 50-year-old billionaire on Wednesday sent out a barrage of tweets about his political views and ESG (environmental, social, and corporate governance) ratings, besides typing out replies to dozens of other users.
The ESG Issue: Tesla on Wednesday lost its spot on the ESG version of the S&P 500 Index, as the EV maker's rank slipped against its global peers.
That prompted Musk to label ESG a scam that has been “weaponized by phony social justice warriors," and add that Tesla was doing more for the environment than any other company. He took a similar stance while confronting Bill Gates last month over the latter's short position against Tesla.
Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list!
— Elon Musk (@elonmusk) May 18, 2022
ESG is a scam. It has been weaponized by phony social justice warriors.
On Politics: Musk also said he can no longer vote for Democrats because they have turned into a party of “division & hate” and so he will vote for Republicans instead.
Earlier this month, the billionaire entrepreneur said he thinks a “less divisive [Presidential] candidate” would be better in 2024.
Price Action: Tesla closed 6.8% lower at $709.8 on Wednesday and is down 40.8% year-to-date.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
