ESG Investing Is a ‘Complete Fraud,’ Chamath Palihapitiya Says
By Pippa Stevens
“Complete fraud,” “joke,” “jargon,” “so ridiculous,” were among the choice words Social Capital founder and CEO Chamath Palihapitiya used to describe the growing ESG movement.
“These are useful statements. It’s great marketing. But again it’s a lot of sizzle, no steak,” he said Wednesday on CNBC’s “Squawk Box.”
The increasingly popular ESG investing style evaluates a company’s environmental, social and governance factors alongside traditional financial metrics. It’s become a buzzword on the Street as companies face growing pressure from governing bodies and investors alike to provide more transparency around their operations.
Photo courtesy of NeONBRAND.