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.
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