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Wednesday, March 22, 2023

Elon musk loses N4.98trn ($12bn) in just one day after questioning global ranking of Tesla

World riches man, Elon Musk has seen a huge sum of N4.98trn ($12bn) wiped out of his net worth after making a tweet questioning a world ranking that does not feature Tesla Inc.

Elon Musk is the founder of SpaceX and chief executive officer of Tesla Inc. His recent comment was made through a tweet whereby he questioned how a S&P 500 ranking for Environment, social & governance (ESG) included Exxonmobil but not Tesla.

In a tweet sent out through his verified handle, he wrote; “Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list!

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“ESG is a scam. It has been weaponized by phony social justice warriors,” he added.

The ESG index, which stands for Environment, Social and Governance, basically ranks the companies based on these standards and assists the investment of environmentally conscious investors.

In a blog post released earlier this week, S&P’s Head of North American ESG Indices Margaret Dorn cited auto-pilot crashes, alleged racial discrimination and poor working conditions as the reasons for Tesla’s removal. Tesla’s (lack of) low carbon strategy and codes of business conduct was also listed among the reasons.


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However, according to Bloomberg’s real-time billionaire index, Elon Musk’s net worth has dropped to $201 billion as Tesla’s shares tumbled 6.8%, wiping $12.3 billion from his wealth.

The company has a total market capitalisation of over $1 trillion and its majority stake – about 15.5%- is owned by Musk himself.

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Musk believes Tesla is doing more for the environment that any other company.

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