As the stock market goes down the tubes, Wall Street investors are reaping the whirlwind of their addiction to woke investing.
Environmental, Social, and Governance (ESG) investing, which is in vogue among leading corporations and financiers, has suffered the most in the current downturn. ESG investors tend to select stocks from growth industries like technology, which often favor short-term yields over long-term results. Though tech companies are well known for bankrolling social justice initiatives in reaction to national events like the death of George Floyd or the overturning of Roe v. Wade, they were the first to lay off large portions of their staff as the stock market began its months-long tailspin.
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