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Elon Musk spent Wednesday on Twitter Inc., announcing his political switch from Democrat to Republican, trashing ESG and replying to several users of the social-media website he’s agreed to buy.

Musk has been a vocal critic of the Biden administration and Democrats for their proposals to tax billionaires and give more tax incentives to union-made electric vehicles. Tesla does not have unions at its U.S. factories.

Tesla Inc., meanwhile, sank to the lowest level this year, wiping $12.3 billion from his wealth, while Twitter further extended its slide. All told, Musk has lost $49 billion since launching his bid for Twitter last month, partly as the wider market tumbled and as some investors in Tesla grew concerned over how he’d fund his offer for the social-media giant.

Elon Musk has grown increasingly vocal since launching his $44 billion offer for Twitter. Wednesday was no exception.

He tweeted that ESG was “a scam" after Tesla lost its spot on an S&P Global index that tracks companies on their environmental, social and governance standards. He also predicted that “political attacks" on him would “escalate dramatically in coming months."

In a separate tweet, Musk said he’d supported Democrats in the past because “they were (mostly) the kindness party," but has now changed his mind.

“They have become the party of division & hate, so I can no longer support them and will vote Republican," he said.

The 50-year-old billionaire recently said he would reverse Twitter's ban on former U.S. President Donald Trump, a Republican, when he buys the social media platform. He also said Twitter is far-left-biased because it is headquartered in California, a state known for its progressive politics.

Tesla's stock fell 6.8% on Wednesday, after he announced his support for Republicans and Tesla was removed from a closely-watched sustainable index.

*With inputs from agencies

 

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