We study how ESG investing reshapes information aggregation by prices. We document that the information content of asset prices changes with ESG investing. We then develop a rational expectations equilibrium model in which traditional and green investors are informed about financial and ESG performances of a firm but have different preferences about them. Two investor groups trade in opposite directions based on the same information, resulting in a potential multiplicity of equilibrium price. The growth of green investors and an improvement in ESG information quality can reduce price informativeness about a firm's financial performance and raise its cost of capital.