'Ridiculous,' says ARK Investment's Cathie Wood, after Tesla was dropped from the S&P 500 ESG Index.
Cathie Wood isn’t pleased about one of her most popular investments, Tesla Inc., being excluded from a prominent index that tracks eco- and socially friendly companies.
The announcement from S&P Dow Jones Indices might come as a shock to some, given that the vehicle manufacturer is seen as a pioneer of producing EVs for the masses, perhaps laying the groundwork for large manufacturers such as Ford Motor F, -5.54% and General Motors Co. GM, -5.96%, who are racing to compete with Tesla in EVs on a bigger scale after badly falling behind Musk & Co. in the low-carbon category.
Tesla has been one of the biggest and most successful investments for Wood, the CEO of ARK Investment Management, whose bullishness on disruptive companies like Tesla helped propel her to fame on Wall Street. Wood’s flagship ARK Innovation ETF ARKK, -4.43% has tumbled about 74% from its peak back in mid-February 2021, and is down more than 56% thus far in 2022.
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