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IPFS News Link • Business/ Commerce

Warren Buffett Mocks Musk's "Insurance" Pivot

•, By Tyler Durden

Supporters of the company, clinging to Elon Musk's every desperate business model pivot, applauded the idea. "Great way to diversify, Elon," they likely thought. Skeptics and - well, pretty much anybody else - were immediately critical of the idea, including the Oracle From Omaha himself, Warren Buffett. 

Buffett said at Berkshire's annual meeting that Tesla will struggle if it goes into the insurance business, a field where Buffett just happens to be a bit of an expert, according to CNBC. Musk has been called out in the past (see here and here and here) by experts in fields of study that he claims to understand but doesn't, and it's happening yet again. 

Buffett said: "It's 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."