Blowback from the Twitter bid begins to manifest:

The S&P 500 booted electric vehicle maker Tesla from its ESG Index in an annual rebalancing. Meanwhile, Apple, Microsoft, Amazon and even oil and gas multinational Exxon Mobil were included on the list. The S&P 500 ESG Index uses environmental, social and governance data to rank and effectively recommend companies to investors. Its criteria include hundreds of data points per company that pertain to the way businesses affect the planet and treat stakeholders beyond shareholders — including customers, employees, vendors, partners and neighbors.

Like it or not, there is a strong element of the political in the market. Whoever the big players are, they like things as they are and do not like turmoil. Whenever somebody begins upsetting applecarts, you have to factor in they will lose the benefits of the political realm, and their company will come into headwinds if they want to advance.

The ESG is interesting, as its very existence highlights that the raw economic performance of any entity is no longer the only metric by which a company is measured, nor are those the only forces affecting its perceived valuation.