The Wall Street Journal ran a deep dive article last week exploring “how Bud Light blew it,” but it somehow missed the most important part of the story.
Unlike traditional capitalism, which seeks to maximize profits by serving consumers, the ESG model seeks to “improve” capitalism by considering other stakeholders besides investors and consumers. Publicly traded corporations are graded on how well they achieve socially desirable metrics, such as combating climate change, advancing diversity and inclusion, and creating a more “equitable” society.
This is a great deal for the ESG puppeteers. They can make multi-billion corporations move by the mere threat of a bad score, which gives them immense economic and political power.in May 2022, even though Tesla is an icon of sustainability. By January, Tesla’s stock, which had been trading at $248 a share, had fallen by roughly 55%.
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