Buffett Skipped Tesla But Didn't Hold Back On Praising Musk In 2022
Berkshire Hathaway's Warren Buffett and Charlie Munger have refrained from investing in Tesla but praised CEO Elon Musk for his achievements. In an April 2022 interview, Buffett highlighted Tesla's impressive stock performance and Musk's ability to compete against legacy automakers. He emphasized the importance of producing desirable cars and acknowledged the need for action against climate change. Despite differing views, Buffett's admiration for Musk was evident, especially as Musk's wealth surpassed his own in recent years.
Berkshire Hathaway Inc BRK BRK CEO Warren Buffett and his former vice Chairman Charlie Munger passed on investing in Tesla Inc TSLA stock over the years. That hasn't stopped the two legendary investors from praising Tesla CEO Elon Musk.
In an April 2022 interview, Buffett offered his praise for Tesla and the company's accomplishments.
Former CBS journalist Charlie Rose asked Buffett about his thoughts on Tesla and the stock's impressive gain of more than 400% in five years at the time.
"That shows what America produces," Buffett said.
Buffett added all the other automotive companies have products, but Musk is finding a way to beat the legacy automakers. "Taking on General Motors, Ford, Toyota Motors that have all this stuff. He's got an idea, and he's winning."
Why It's Important: Buffett said that there are a lot of companies that produce cars, but ultimately you have to be the one who makes cars that people want.
Buffett also acknowledged during the interview that we should be doing more to fight climate change, but didn’t elaborate on the impact of electric vehicles.
"If there's a 1% chance (we can fight climate change), we should be doing something."
Buffett's comments likely ring true today with Musk being one of the top CEOs when it comes to fighting climate change with electric vehicles.
Over the last few years, Buffett was passed in wealth by Musk. While the two billionaires may not always see eye to eye on a number of topics, this interview showed the appreciation Buffett had for the iconic Tesla CEO.
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This article was previously published by Benzinga and has been updated.
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