Troy Smith
Billionaire Elon Musk has come out strongly against ESG, which stands for environmental, social and governance. ESG is reportedly used to promote investments that include elements of liberal political ideology. A description of ESG from Investopedia reads as following…
Videos by Rare
Environmental, social, and governance (ESG) investing refers to a set of standards for a company’s behavior used by socially conscious investors to screen potential investments.
Environmental criteria consider how a company safeguards the environment, including corporate policies addressing climate change, for example. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.
https://www.investopedia.com/terms/e/environmental-social-and-governance-esg-criteria.asp
- Environmental, social, and governance (ESG) investing is used to screen investments based on corporate policies and to encourage companies to act responsibly.
- Many mutual funds, brokerage firms, and robo-advisors now offer investment products that employ ESG principles.
- ESG investing can also help portfolios avoid holding companies engaged in risky or unethical practices.
- The rapid growth of ESG investment funds in recent years has led to claims that companies have been insincere or misleading in touting their ESG accomplishments.
Musk has recently said in an interview on his X.com platform that ESG is ‘communism reinvented’. Musk can be quoted as saying, “We don’t basically do some sort of like bizarre, like Communism rebranded thing, which is a lot of what ESG is, and to be inflicted upon corporate America without the knowledge of the actual shareholders, which is going on.”
He continued, saying, “The big firms here are BlackRock, you know, the Vanguard, all of them, they like that. They’re setting ourselves up for the biggest class action lawsuit in the history of class action lawsuits by an order of magnitude.”
See a clip from Fox News showing these statements below…
.@ElonMusk calls ESG "communism rebranded."pic.twitter.com/SqssOwGjHx
— Conservative War Machine (@WarMachineRR) July 31, 2023
Musk raises an important issue!
