[TAG0][TAG1]
- Elon Musk would rather Warren Buffett be the US Treasury Secretary than Janet Yellen.
- According to the Tesla boss, the Berkshire Hathaway boss can do the job in under an hour per week.
- Musk praised Buffett for his capital allocation expertise, but described Buffett's job as "super boring."
If Elon Musk had his will, Warren Buffett could be the US Treasury Secretary and Janet Yellen out of a job.
Tesla's billionaire CEO was recently asked on Twitter which person he preferred to manage the finances of the federal government over Yellen. He chose Berkshire Hathaway's 92-year old investing icon.
Musk tweeted "Probably Buffett." Musk tweeted, "He could do this in less than an hour per week."
He said that any investor who has a track record of success would be a good fit for the job. The job is basically fund management at scale.
After Yellen seemed to ignore a possible increase in America’s debt from $32 trillion to $50 trillion in the current decade, Musk weighed in. In March, Yellen stated to Congress that it wouldn't be a problem if the government maintained a sustainable fiscal strategy and the real interest cost of the debt remained low.
Buffett plans to lead Berkshire for as long as possible and has joked about his interest in holding the Cabinet post in the past.
"I would love to be secretary at the Treasury if I knew that I could keep raising money at negative rates of interest. He said this during Berkshire's 2020 annual shareholder meeting. He noted that the government would have to borrow money in order to manage its finances.
Musk, the CEO of Tesla and SpaceX, as well as Twitter, has previously distanced his self from Buffett, stating that he builds products rather than makes investments. Musk also described Buffett's Berkshire chief's obsession with reading company reports and allocating capital allocation as "super boring", something he would not want to do.
Musk also criticized Charlie Munger and Buffett for declining to invest in Tesla in 2008 at 0.1% of its current market price.
Buffett has still quoted Buffett many times in his Tesla earnings calls and acknowledged Buffett's expertise in investing and valuing businesses.
Musk tweeted that "Buffett is far better than any government at allocating capital" in June 2018.
He stated that he was doing a valuable job for the economy and that he is highly skilled in it. This was December 2021.
Buffett was a bit more serious about Buffett's past Twitter habits and joked with him that he would challenge Berkshire to the candy business. He's also praised Musk for scaling Tesla despite the fierce competition from legacy companies.
Buffett stated that Elon is challenging General Motors, Ford, Toyota and all the other people who have all of this stuff and he has an idea and he wins. "You can't dream it up. It's astounding."
—————————————————————————————————————————————
By: tmohamed@insider.com (Theron Mohamed)
Title: Elon Musk says Warren Buffett should run the US Treasury – and the investor could do the job in under 1 hour per week
Sourced From: markets.businessinsider.com/news/stocks/elon-musk-warren-buffett-treasury-secretary-yellen-tesla-berkshire-twitter-2023-4
Published Date: Tue, 11 Apr 2023 10:06:27 +0000
Related posts:
Warren Buffett-backed Chinese EV maker BYD suffered $18 billion of value loss in the price war with Tesla.
Warren Buffett condemned stock-market gambling, attacked bitcoin, and praised Elon Mussos and Jeff Bezos in 2017. Here are his top ten quotes from 2022.
Canadian Warren Buffett warns technology stocks are more expensive than during the dotcom boom and predicts a painful sale
Charlie Munger desecrated crypto and extolled BYD as the superior choice to Tesla. Cathie, Robert Kiyosaki, Patrick Byrne, just called him out.
Leave a Reply