Elon Musk says Warren Buffett should run the US Treasury – and the investor could do the job in under 1 hour per week:- According to Elon Musk, he would prefer Warren Buffett to serve as the US Treasury Secretary instead of Janet Yellen.
Musk believes that the CEO of Berkshire Hathaway would be capable of fulfilling the role in less than an hour per week.
When asked on Twitter who he would choose to lead the US Treasury instead of Janet Yellen, Elon Musk expressed a preference for Warren Buffett, the 92-year-old investing legend who serves as CEO of Berkshire Hathaway.
If Musk had his way, Yellen would be replaced by Buffett as the head of the federal government’s finances. In a recent tweet, Elon Musk stated that Warren Buffett would be his choice to lead the US Treasury, explaining that the investing icon would be capable of performing the role in less than an hour per week.
Musk also suggested that any investor with a proven track record of success could potentially do a good job in the position since the job largely involves managing funds on a large scale.
Elon Musk’s preference for Warren Buffett as US Treasury Secretary came after comments made by current Treasury Secretary Janet Yellen.
Yellen had downplayed the impact of a potential increase in US debt from $32 trillion to over $50 trillion over the next ten years, stating that it would not be problematic as long as the net interest cost of the debt remained low and the government implemented a sustainable fiscal policy.
Warren Buffett has previously joked about being interested in the Cabinet position of Treasury Secretary, saying that he would hold the role for as long as he was able to lead Berkshire Hathaway.
During Berkshire’s annual shareholder meeting in 2020, Warren Buffett expressed his interest in the Cabinet position of Treasury Secretary, jokingly stating that he would take the role only if he could continue raising money at negative interest rates. He further noted that managing the government’s finances would be a fairly easy task if it got paid to borrow.
It is worth noting that Elon Musk has had some differences from Warren Buffett in the past. In May 2018, during a Tesla shareholder meeting, Musk criticized Buffett’s investment philosophy and claimed that he focuses on building real products rather than just making investments.
In response to a question about why he didn’t follow Buffett’s approach to investing, Musk said, “I think moats are lame. They are nice in a sort of quaint, vestigial way.
But if your only defense against invading armies is a moat, you will not last long.” This was a reference to Buffett’s famous comment that he looks for companies with “economic moats” that protect them from competitors.
Yes, that’s correct. Musk has criticized Buffett and Munger for not investing in Tesla when the company was struggling and in need of capital. In May 2020, Musk tweeted, “I really think Tesla should be worth half a trillion dollars based on growth alone.
If you care about the future, I think you should buy Tesla. You’re killing the planet if you’re not.” He added, “Charlie Munger & Warren Buffett should be on the board of a museum.”
Yes, that’s correct. Musk has acknowledged Buffett’s investment prowess on several occasions, including on Tesla earnings calls. In a 2019 earnings call, Musk said, “I think generally, Warren Buffett is one of the smartest people I’ve ever met, and he’s a great investor. So I have enormous respect for Warren Buffett.”
It appears that Elon Musk recognizes Warren Buffett’s skill in allocating capital and has tweeted about it in the past, stating that Buffett is “vastly better than any govt at allocating capital.”
It seems like you made a mistake in the date. As today is 2023, the statement you mentioned cannot be correct. Could you please clarify?
It seems like there is a bit of a friendly rivalry between the two billionaire business magnates. Buffett has certainly been critical of Musk’s social media presence and his tendency to make big promises, but he has also praised Musk’s ability to build a successful company in the face of tough competition.
For example, in a 2021 interview, Buffett said, “He’s got the most intense followers that you can imagine, but he’s also got a product that really captivates people. And the world’s gonna go that way. And he’s done a great job of developing it.”
According to Buffett, Elon Musk is challenging established automakers like General Motors, Ford, and Toyota with his innovative ideas, and he is succeeding against all odds. The billionaire investor described Musk’s achievements as incredible and hard to imagine.
Information Source:- businessinsider
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