It’s Tuesday, August 25, and Exxon is having a bad week.

Exxon Mobil Corporation was booted from a famous stock market index and dumped by a $91 billion asset manager this week.

On Monday, S&P Dow Jones Indices, the company behind the Dow Jones Industrial Average, announced that Exxon will be removed from the index. It will be replaced by the cloud-based, customer-management software company Salesforce. The status of the Dow is often reported on the news as an indication of how the stock market has performed on a given day, and it’s made up of 30 large companies weighted by stock price. Exxon had joined the index in 1928, making it the longest-running member of the Dow.

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“Those changes are a sign of the times — out with energy and in with cloud,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, told Bloomberg Green of Exxon’s ejection from the Dow.

Meanwhile, Storebrand, a Norwegian financial services company that manages $91 billion in assets, announced that it has divested from Exxon, along with Chevron and its positions related to coal as it seeks to improve its climate policies. Storebrand cited Exxon and Chevron’s lobbying against the Paris Agreement as the reason for its divestment.

In 2007, Exxon was worth $525 billion, but its value has fallen in four out of the last six years. Its stock price is down 40 percent just since January, and the company is now worth $180 billion.

Alexandria Herr

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Emily Pontecorvo

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