Elon Musk invites fellow tycoon Warren Buffett to share a stake in Tesla.
In a post on X, the Tesla CEO remarked, “He should take a position at Tesla.”
“It’s an obvious move.”
The offer comes as the “Oracle of Omaha” acknowledged developments on Tesla’s full self-driving capacity during Berkshire Hathaway’s annual shareholder meeting.
Tesla’s stocks soared on Monday.
Buffett noted that the advancements in the self-driving capacity of Tesla will affect auto insurers like Berkshire’s Geico.
“If accidents get reduced by 50%, it’s going to be good for society and it’s going to be bad for insurance companies’ volume,” Buffett said.
“But good for society is what we’re looking for,” he stressed.
Berkshire Hathaway Executive Ajit Jain also weighed in on Tesla’s automated driving efforts and predicted that repair costs for each unit would rise if accidents went down.
“If you multiply the number of accidents by the cost of each accident, I’m not sure that the total number has come down as much as Tesla would like us to believe,” the insurance executive noted.
He added that Tesla insurance so far “hasn’t been much of a success.”
“Time will tell but I think automation just shifts a lot of the expense from the operator to the equipment provider,” Jain said.
Buffett has long invested in Tesla’s competitor, BYD. Recently, the investor has divested some of his stocks in BYD but still holds a significant stake.
He has yet to decide on investing in Tesla.
On Monday, Tesla’s stock gained significant numbers during market trading.
Musk recently recast Tesla from full self-driving capacity to supervised FSD. In their recent SEC filings, the tech giant acknowledged deferred revenue of $281 million by the end of Q1.
During the earnings call, Musk quipped, “The way to think of Tesla is almost entirely in terms of solving autonomy and being able to turn on that autonomy for a gigantic fleet.”
He added, “If somebody doesn’t believe Tesla is going to solve autonomy, I think they should not be an investor in the company.”
The billionaire also touted Tesla’s remarkable developments in the past few weeks.
He reported that the EV company was “currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and we believe the next one will be initiated by advances in autonomy and the introduction of new products, including those built on our next generation vehicle platform.”
The tech tycoon is also working on lowering the cost of Tesla and noted that new Tesla vehicles will be available next year.
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Author: The Raging Patriot
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