Elon Musk spent Wednesday on Twitter Inc., announcing his political switch from Democrat to Republican, trashing ESG and responding to several users of the social-media website, which he agreed to buy.
Musk has been a vocal critic of the Biden administration and Democrats for proposals to tax billionaires and give more tax incentives to union-built electric vehicles. Tesla has no unions in US factories.
Meanwhile, Tesla Inc., having wiped out $12.3 billion from its assets, fell to its lowest level this year, while Twitter further extended its slide. All told, Musk has lost $49 billion since launching his bid for Twitter last month, partly due to a collapse in the broader market and concerns that some Tesla investors may be taking on the social-distancing risk. How the media will fund its proposal for the giant.
Elon Musk It has become increasingly vocal since launching its $44 billion proposal for Twitter. Wednesday was no exception.
He tweeted that ESG was “a scam” after Tesla lost its spot on the S&P Global Index that tracks companies on their environmental, social and governance standards. He also predicted that “political attacks” on him would “increased dramatically” in the coming months.
In a separate tweet, Musk said he had supported Democrats in the past because “they were (mostly) the kind party,” but has now changed his mind.
“They have become a party of division and hatred, so I can no longer support them and vote Republican,” he said.
The 50-year-old billionaire recently said he would reverse Twitter’s ban on former US President Donald Trump, a Republican, when he buys the social media platform. He also said that Twitter is far-left because it is headquartered in California, which is known for its progressive politics.
Tesla stock fell 6.8% on Wednesday after declaring its support for Republicans and Tesla was removed from the closely watched permanent index.
*With inputs from agencies