Elon Musk: ‘The S In ESG Stands For Satanic’

Elon Musk The environmental, social and corporate governance movement also known as ESGSocial media as a response to the World Economic Forum Promoting the ideology.

Independent journalist Michael Shellenberger, who has participated in the release of internal documents from Twitter highlighting the company’s coordination with federal law enforcement, posted a thread about the World Economic Forum’s secretive finances on Sunday. Musk was shocked to learn that the controversial organization uses ESG criteria. commented That “the S in ESG stands for Satanic.”

ESG-minded business leaders pledge to support green energy initiatives, to establish diversity quotas in managerial staff, and to otherwise combine the maximization of profit with the advancement of leftist political and social agendas.

The dismal stock exchange performance Critics have cited the fact that ESG funds were in decline last year as proof of their unfounded risks to investment performance. Harvard Management Company, which controls the elite university’s endowment, admitted While the organization is still in business, it was able to lose $2.3 billion due to its fossil fuel divestment efforts. “proud to be deeply engaged in the issue of sustainability.”

Musk, currently chief executive of Tesla and SpaceX, as well as Twitter, has repeatedly criticized ESG rating. For instance, last year he noted S&P Global awarded ExxonMobil, an oil and gas conglomerate, a high ESG score. Tesla, which has a mission to reduce climate change by electric vehicles, didn’t make it onto the list.

“ESG is a scam,” Musk’s conclusion. “It has been weaponized by phony social justice warriors.”

Scammers are real taken advantage of investors’ appetites for socially conscious companies. Elizabeth Holmes, who founded the now-defunct healthcare startup Theranos was well-known for her success and was sentenced to federal prison on several fraud charges. Sam Bankman Fried, founder of the bankrupt cryptocurrency trading platform FTX, confessed to a reporter ESG was a fraud. “perverted beyond recognition” And boasted about how he had built trust among them “woke Westerners” By emphasizing his self-professedness “effective altruism.”

Republican officials contended ESG ratings are a serious threat to conservative-leaning countries’ ability to fundraise on bond markets. Companies seeking access to capital market capital see downgrades based on cultural matters that have nothing to do with financial health. Beyond discouraging investments into the oil and gas sectors, ESG activists pushed stockholders for companies such as Walmart and Lowe’s to consider abortion-related proposals ahead of the Supreme Court’s decision to overturn Roe v. Wade.

Lawmakers claim that prominent asset management firms have contributed to record energy prices by causing undue hesitation in fossil fuel investments. A motion filed by multiple Republican attorneys general with the Federal Energy Regulatory Commission sought to prevent Vanguard from purchasing shares in publicly traded utilities out of a concern that the company’s climate efforts would raise energy prices and decrease grid reliability. The firm responded By ceasing to be involved with the Net Zero Asset Managers initiative by which signatories promise To move portfolio companies closer towards eliminating net carbon emissions.