Elon Musk wants this legendary investor to buy Tesla stock
Elon Musk believes it is an “obvious move” for legendary investor Warren Buffett to buy Tesla stock.
Buffett is one of the most successful investors in recent memory and has let the market dictate nearly every decision he makes, including his McDonald’s breakfast choice.
It was revealed that Buffett recently let go of 115 million shares of Apple stock, and Musk wants him to bring that money into Tesla. It is the second straight quarter that Buffett’s Berkshire Hathaway has let go of millions of Apple shares, but the firm still owns about 790 million shares of the tech company’s stock.
Musk believes the money liquidated from Apple would be better off in Tesla:
“He should take a position in Tesla,” Musk said in an X communication on Sunday. “It’s an obvious move.”
He should take a position in Tesla. It’s an obvious move.
— Elon Musk (@elonmusk) May 6, 2024
Some want Buffett to liquidate the Apple holdings altogether. However, Buffett said on Saturday at Berkshire Hathaway’s Shareholder Conference that it has no plans to do so, and Apple will be the largest common stock holding, according to Quartz.
It is much more complicated than that, however.
Hathaway already has a stake in BYD but has trimmed it significantly over the past few years.
Berkshire Hathaway also owns GEICO, and Tesla’s Full Self-Driving (FSD) suite aims to eliminate accidents of any kind through Level 5 autonomy. Although Tesla is still a Level 2 suite and has ways to go, it is becoming more robust and better at courting drivers through various scenarios and driving situations.
Eventually, FSD could be solved by Tesla, and it could be the means of a new era of transportation. It could also spell major disaster for insurance companies, especially if it is able to reduce how often an accident occurs.
“If accidents get reduced by 50 percent, it’s going to be good for society, and it’s going to be bad for insurance companies’ volume. But good for society is what we’re looking for,” Buffett said.
It does not seem like Buffett will completely liquidate its holdings of Apple, but whether or not Buffett will take a dive into Tesla remains to be seen.
Tesla shares are up over 2 percent this morning as of 10:12 on the East Coast.
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Source: https://www.teslarati.com/elon-musk-wants-this-legendary-investor-to-buy-tesla-stock/
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