3 years ago
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The S&P thinks Tesla's low-carbon strategy isn't good enough, and neither are their working conditions or business conduct codes.
The Lede
Elon Musk is unhappy, once again, because the S&P has removed Tesla from their 500 index during an annual rebalancing. Meanwhile, Apple, Microsoft, Amazon and Exxon mobile were on the list. S&P's 500 index is based on environmental, social and governance data to help investors judge companies better. Here's why Tesla was booted from the list and what Musk had to say about it.
Key Details
- S&P said Tesla has a "lack of a low-carbon strategy” and "codes of business conduct", and said the allegations against bad working conditions and other fines also played a part in their removal.
- Recently Tesla settled a Clean Air Act violation and based on 2019 data ranked lower than Exxon on an air polluters index. Tesla was also investigated for anti-black harassment, and was separately fined in Germany.
- In response, Elon Musk tweeted that the S&P Global Ratings "has lost their integrity."
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