Elon Musk, CEO of Tesla, SpaceX, and Twitter, on Sunday expressed his strong opposition to the environmental, social, and corporate governance movement, also known as ESG.
The statement was in response to a Twitter thread by journalist Michael Shellenberger regarding the World Economic Forum’s (WEF) secretive finances, in which he mentioned the use of ESG criteria by the organization.
Musk replied to Shellenberger’s tweet, “the S in ESG stands for Satanic.”
Critics of the ESG movement argue that blending profit maximization with political and social agendas favored by leftists poses unnecessary risks to investment performance, The Daily Wire notes.
The poor stock market performance of ESG funds last year has been cited as evidence of this.
For instance, Harvard Management Company, which manages the university’s endowment, attributed a $2.3 billion loss to fossil fuel divestment efforts.
Musk, who has been vocal in his criticism of ESG ratings, previously noted that S&P Global gave oil and gas company ExxonMobil a high ESG score, while Tesla, which aims to reduce climate change through electric vehicles, did not make the list.
“ESG is a scam. It has been weaponized by phony social justice warriors,” he tweeted at the time.
