Billionaire Elon Musk took issue with his electric car company Tesla being excluded from an environmentally oriented S&P index.

Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list!" Musk tweeted on Wednesday. “ESG is a scam. It has been weaponized by phony social justice warriors.”

S&P Global dropped the electric car maker earlier this week over the firm’s lack of disclosures, compared to its peers, in regard to its low carbon strategy or business conduct codes, Margaret Dorn, S&P Dow Jones Indices' head of ESG indices for North America, told Reuters.

Musk, meanwhile, tweeted a meme of what appears to be an image of actor Dwayne Johnson in the driver’s seat of a getaway vehicle saying, “What is an ESG score?” and presumably his passenger, a teenage girl, replying, “It determines how compliant your business is with the leftist agenda.”

Musk also retweeted Cathie Wood, founder, chief executive officer and chief investment officer of Ark Invest, reacting to the news of Tesla being dropped from the index with the tweet, “Ridiculous. Not worthy of any other response.”

S&P Dow Jones Indices' Dorn told the Financial Times' Moral Money that they followed the rules of the index.

The index is not designed to focus on companies with the most positive climate impacts, Dorn told Moral Money. Instead, the index gives “broad market exposure”, with “industry group neutrality”, while “increasing the sustainability profile of the index,” she said.

Among the eligibility criteria, companies must be ranked in the top 75 per cent of their industry group by S&P’s ESG ratings team, according to the FT. This year, Tesla’s rating fell into the bottom quartile of the automotive sector because of factors that included claims of racial discrimination and poor working conditions at one of its factories, the FT adds.

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