Ilon Musk lost $12.3 billion in one day due to the fall in Tesla shares, Bloomberg reports. Earlier, the electric car manufacturer was excluded from the S&P 500 ESG index.

At the end of the trading session on Wednesday, May 18, shares of Tesla) fell 6.8% to close at $709.81. The fall was caused by a broader market sell-off.

Tesla has been excluded from the S&P 500 ESG index due to allegations of racial discrimination and autopilot-related accidents. According to Margaret Dorn, head of ESG Indices for North America at S&P Dow Jones Indices, factors that contributed to the exclusion included Tesla’s lack of published details about its low-carbon strategy or code of business conduct.

Afterward, Ilon Musk tweeted that ESG is a “fraud.” He said that ExxonMobil is one of the top 10 companies in the world according to the S&P 500 ESG index, while Tesla did not make the list. Musk said ESG “has become the weapon of fake social justice warriors.”