(Bloomberg) -- Shares of the shell company taking Donald Trump’s media venture public extended their selloff on a report that a pair of key executives resigned and after Elon Musk bought a sizable stake in social media competitor Twitter Inc. 

  • Digital World Acquisition, the special-purpose acquisition company merging with Trump Media & Technology Group, fell 10% Monday to extend a losing streak for a seventh-straight day as downloads of the Truth Social app dry up
  • The decline was triggered by a Reuters report that Truth Social’s chiefs of technology and product development Josh Adams and Billy Boozer have resigned and as Musk became Twitter’s largest shareholder
  • Shares of the SPAC have lost 22% since March 25 as investors begin to doubt whether the former U.S. president will be able to create a media company to rival the likes of Twitter and Facebook

FUNCTION OF THE DAY

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ESG MUST-READS

Environmental

  • JPMorgan, Citigroup, Wells Fargo and Bank of America have financed the fossil fuel industry, while “claiming to care about climate,” Senator Elizabeth Warren said
  • Earth is on track to warm to twice the Paris agreement’s target level
  • Senator Joe Manchin is calling on the U.S. SEC to reconsider a plan to require companies to disclose information about their greenhouse gas pollution
  • Climate change may cost the federal government an extra $25 billion to $128 billion per year by the end of the century, according to estimates from the White House
  • Poland signaled that it wants to use coal to produce electricity after 2049 to bolster its energy security, underscoring the challenge the European Union faces in its goal of achieving climate neutrality by mid-century

To see Bloomberg’s Climate Government Climate Risk Scores, click BI ESG GOVCLIMATE

Socialdigital world 

  • Costs of caring for U.S. gunshot survivors come to about $2.5 billion in the first year after their injuries, according to a Harvard study
  • Chipotle Mexican Grill said its goal to source and sell chicken that’s certified as humanely raised has been delayed because suppliers weren’t able to make the necessary changes without disrupting supply

For more on the Bloomberg Gender Equality framework, click GEI

Governance

  • JPMorgan Chase said Jamie Dimon may stay on as chair of the board when he eventually steps down as CEO
  • Hasbro added two industry veterans to its board as the company looks to expand its digital-gaming business while fending off a proxy fight
  • RWE rejected a request from activist investor Enkraft Capitalto propose an alternative supervisory board candidate to Essen mayor Thomas Kufen

For more ESG news, click DAYB for Bloomberg Daybreak

SUSTAINABLE FINANCE

  • The New York Power Authority, the largest state-owned electric utility in the U.S., plans to sell about $600 million of tax-exempt green bonds
  • Lazard Asset Management is screening for stocks that are ahead in the race to exit fossil fuels, as war makes reliance on oil, gas and coal riskier than ever
  • More than 1,500 commitments by investors and financials were made in 2021 to phase out involvement in fossil fuels. However, not all participants are equally ambitious in their pledges
  • New Issues:
    • Enel Finance priced GBP750 million 7Y sustainability-linked bond
    • Yorkshire Building Society priced GBP300 million social bond
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  • See SRCH @ESGALL for a search that includes all types of sustainable debt across all asset classes
  • For sustainable debt data from BloombergNEF, click here
  • Featured Data: Search “green” on LEAG for data on the biggest managers of green bonds and loans
  • See SRCH or BI BESGG DEBT to access Bloomberg’s sustainable debt data

RESEARCH AND ANALYSIS

  • From BloombergNEF analysts:
    • EU jet fuel demand is increasing as the summer schedule kicks in
    • Solar PV asset owners in Europe are increasingly selling electricity on the spot market, attracted by skyrocketing power prices

European power prices and LCOEs

  • From Bloomberg Intelligence analysts:
    • Biofuels offering the lowest carbon-intensity scores may become increasingly favored over the next decade as consumers seek to reduce CO2 footprints
    • Board independence and diversity are works in progress at NextEra
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  • For an overview of Bloomberg’s ESG resources, click BESG

ESG CHARTS AND RELATED INDEXES

REGULAR ROUNDUPS

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