Days after Warren Buffett hosted Berkshire Hathaway's annual shareholder meeting, fellow billionaire Elon Musk has some advice for the chairman on what investment moves he should make next.
In response to a post on X saying that Buffett should sell all his shares in Apple, Musk suggested that Buffett consider buying shares in his electric vehicle company Tesla.
He should get a position at Tesla. It's an obvious move.
— Elon Musk (@elonmusk) May 6, 2024
“He should get a position at Tesla,” Musk wrote. “It's a clear move.”
Buffett and Berkshire have owned a stake in Apple since 2016.
At the end of Q3 2023, it was evaluated that Berkshire owned roughly $174.3 billion in Apple shares, which fell to about $135.4 billion by the end of the first quarter of 2024. According to calculations by ReutersBerkshire unloaded about 115 million Apple shares, or 13% of its total holdings.
“Unless something dramatic happens that really changes the allocation of capital, we will have Apple as our largest investment,” Buffett said at length Saturday's shareholders meeting.
During Saturday's shareholder meeting, Buffett revealed that Berkshire had fired everyone shares in Paramount Group. Berkshire used to hold a majority of non-voting shares.
An investment from Buffett could be a boon for Tesla, which has struggled in recent months amid efforts to reduce costs and redirect focus to a newer, more affordable car model scheduled to begin production in 2025.
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company reported a 9% quarterly revenue decline during Q1 2024 earnings call last month, its biggest drop since 2012, just days before Musk he is said to have been fired 500 employees from the Tesla Supercharger team in the middle of the night and internship cancelled offer to students just a few weeks before they start.
Musk and Buffett have they did not agree in the past, but during Berkshire Hathaway's 2023 annual shareholder meeting, he praised the Tesla CEO.
“Elon is a great guy. He dreams about things and his dreams have a foundation,” Buffett said. last year. “I like the way I live and I wouldn't like to be in his shoes, but he wouldn't enjoy being in my shoes either.”
Musk immediately thanked Buffett and his late business partner, Charlie Munger, for their “kind words” at X after the meeting.
Tesla it was upstairs up 4.3% year over year as of Tuesday morning.
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