Buffett mentioned Tesla at last Saturday’s annual meeting. In it, he noted that both costs and prices could decrease if the electric vehicle company’s automation technology manages to reduce traffic accidents.
tesla finds itself in the spotlight after Elon Muskits executive director, suggested that Warren Buffett should acquire a stake in its electric vehicle giant.
The renowned investor and chairman of Berkshire Hathaway, according to Musk, “You should consider taking a position in Tesla. It’s an obvious play“Musk said on his “X” account on Monday. This comment comes just a few days after the multinational conglomerate announced a 13% reduction in its stake in Apple during the first quarter, motivated by tax reasons.
The Oracle of Omaha’s change of strategy
Berkshire Hathaway also released its first quarter earnings report over the weekend, which can be viewed in its entirety at this link. It is important to keep in mind that Buffett’s holding company has about $90 billion in cash.
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Reuters
Buffett mentioned Tesla at last Saturday’s annual meeting. In the samenoted that both costs and prices could decrease if the electric vehicle company’s automation technology manages to reduce traffic accidents. However, according to Ajit Jain, vice president of Berkshire’s insurance business, Tesla has not yet reached this milestone.
Buffett anticipates a “modest growth” in Berkshire Hathaway’s operating profits this year. Should he resign, the billionaire added at the annual meeting, decisions related to stock investment will be made by Greg Abel. The class B shares of his multinational conglomerate boast an increase of more than 10% from the start of 2024.
Source: Ambito
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