Elon Musk, Warren Buffett Spar After billionaire Berkshire Disses Tesla

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By NCC: Billionaire Elon Musk made a joke about Warren Buffett after Berkshire Hathaway's president dispelled his intention to launch Tesla insurance and said he would bet against it.

At the annual Berkshire Hathaway shareholders meeting this weekend, Buffett questioned the wisdom of a Tesla insurance product, which Musk plans to launch soon.

Warren Buffett: I'll bet against Tesla Insurance

Buffett – whose net worth exceeds $ 89 billion – says that insurance is a tricky business to break through. As a result, he expressed skepticism that Tesla could gain ground in the competitive industry.

"It's not an easy deal," Buffett told shareholders (via CNBC). "The success of auto companies in the insurance sector is probably as likely as that of insurance companies in the auto sector."

"I would bet against any company in the automotive sector [getting into insurance.] I'm worried a lot more about Progressive. "

It should be noted that one-third of Berkshire Hathaway's business is in the insurance sector, including Geico, its wholly-owned subsidiary.

It is therefore not surprising that Buffett denounces a potential competitor.

Elon Musk fires back: Warren says to buy Tesla

Elon Musk reacted to the comment saying that Buffett secretly loves Tesla.

The hilarity broke out after Musk tweeted a link urging his supporters to order the Tesla Model 3, which, he says, is less expensive than a Honda Accord.

Musk then followed a playful tweet claiming that Tesla is "as 1,000 more fun" than a Honda Accord. He joked that "it's a direct quote from Warren Buffett".

elon musk warren buffett tesla twitter

Elon Musk jokes: Warren Buffett says Tesla is '1000 times more fun' than Honda. (Twitter)

This provoked an avalanche of comical responses, including some funny Warren Buffett's, like the one below.

Musk – who fought the SEC for his tweet – then kindly answered several questions, including one asking when he planned to start a candy company.

"Candy is coming," Elon chirped happily.

Buffett: Elon Musk can improve as CEO

Kidding aside, Buffett recently criticized Elon Musk. In April 2019, Buffett reprimanded Musk's behavior as Tesla's CEO, claiming that Musk was a "remarkable man", but that his Twitter conversations were problematic.

"I think he has room for improvement, and he would say the same thing. I just do not see the need to communicate [on Twitter]. "

Buffett says he has spoken to Musk only once or twice and has not spoken to him in the past seven or eight years.

Despite his admiration for Musk personally, Warren Buffett is apparently not a fan of Tesla and does not invest in it.

The list below lists the 15 largest holdings in securities of Berkshire Hathaway, as reported in its filing 13-F in February 2019.

Warren Buffett Berkshire Hathaway larger farms

The 15 largest holdings of Berkshire Hathaway. (Deposit 13-F)

Buffett will do everything for Amazon

Amazon has recently been added to the Berkshire portfolio.

According to CCN, Buffett has confessed to underestimating Amazon's huge potential and the ruthless willingness of CEO Jeff Bezos to crush all his rivals, especially Walmart.

"I've been silly not to buy [Amazon stock sooner]. "

Buffett says Berkshire Hathaway has been quietly buying Amazon stocks in recent months. These purchases will be filed with the SEC later this month.

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