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Warren Buffett Says Tesla Can’t Sell Insurance, Elon Musk Hits Back

| Published on May 8, 2019

Tesla Founder and CEO Elon Musk takes Warren Buffet’s remarks on Tesla’s new insurance product hard.

Musk recently revealed his plans of launching an insurance product later in the month of May to which The Berkshire Founder and CEO Buffett during the Berkshire Hathaway annual meeting held last week, said insurance is not an easy business.

“The success of the auto companies getting into the insurance business is probably as likely as the success of the insurance companies getting into the auto business,” he told shareholders.

“I’d bet against any company in the auto business” getting into insurance, CNBC quoted Buffett as saying.

This surely affected Musk which led him to issue a series of tweets on Sunday. 

Her first tweeted a link asking his followers to buy Tesla Model 3, which is cheaper than a Honda Accord.

He then sent a playful tweet claiming that Tesla is also “1000 more fun than a Honda Accord!”

His third tweet said, “That’s a direct quote from Warren Buffet”

Buffett, 88, has lately been critical of Musk.

In an interview with Yahoo Finance in April, he said that Musk who is known for creating controversies via tweets has “room for improvement”.

“I think he has room for improvement, and he would say the same thing.”

“It’s just, some people have a talent for interesting quotes and others have a little bit more of a blocker up there that says ‘this could get me into problems’,” Buffett was quoted as saying.

“I just don’t see the necessity to communicate (on Twitter),” he said.

Buffett, however, added that Musk is “a remarkable guy”.

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