Electric vehicle bellwether Tesla stock (NASDAQ:TSLA) was removed from the widely-followed S&P 500 ESG Index. The index includes companies based on environmental, social, and governance criteria.
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S&P has cited issues that include racial discrimination claims as well as crashes that are linked to Tesla’s autopilot system.
Tesla stock dropped by over 7% in Wednesday’s trading following the news as passive index funds tracking the index will likely sell Tesla shares.