Billionaire entrepreneur Elon Musk has taken a jab at environmental, social, and governance (ESG) investment funds after news broke that German authorities raided Deutsche Bank and asset management company DWS Group due to alleged “greenwashing” of its ESG funds.
Greenwashing refers to processes by which companies falsely present themselves as more pro-environment than they really are.
“The allegations are that DWS has been advertising so-called ESG financial products for sale as being particularly green and sustainable when they actually weren’t,” a spokesman for the public prosecutor told Fortune.
In a June 1 tweet responding to the news, Elon Musk wrote, “I have yet to see an ESG list that *isn’t* fraudulent.”…