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May 7, 2020, 5:32 p.m. EDT

Elon Musk knocks Warren Buffett in return to Joe Rogan’s podcast

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By Shawn Langlois, MarketWatch


Bloomberg

Perhaps Elon Musk is still a little bitter that Warren Buffett said he wouldn’t invest in Tesla . Or maybe it’s because Buffett’s right-hand man said Musk “may overestimate himself.”

Whatever the reason, Musk on Thursday made his feelings pretty clear:

‘To be totally frank, I’m not his biggest fan.’

That’s Musk mincing no words when the billionaire boss of Berkshire Hathaway /zigman2/quotes/208872451/composite BRK.A -0.20% came up during a chat on Joe Rogan’s wildly popular podcast.

“There’s a conflation of consumption and capital allocation. So when you take Warren Buffett for example... he does a lot of capital allocation. He reads a lot of annual reports of companies, the accounting... it’s pretty boring honestly,” Musk explained. “What he’s trying to figure out is ‘does Coke /zigman2/quotes/209159848/composite KO -0.04% or Pepsi /zigman2/quotes/208744353/composite PEP +0.28% deserve more capital?’”

Buffett and the concept of being a billionaire entered the conversation when Rogan asked Musk about his recent decision, announced in a tweet, to sell off most of his assets.

“‘Billionaire’ has become a pejorative... it’s like that’s a bad thing,” Musk said, explaining that getting rid of his stuff will take away an “attack vector” from the haters.

“Now I don’t have stuff, now what are you gonna do?” he said, drawing a laugh from Rogan.

The ranging, two-hour discussion also touched on Musk’s stance that stay-at-home orders are unconstitutional, as well all the buzz the name of his newborn baby has caused.

Watch the full interview (the Buffett comments start around the 7:45 mark):

This isn’t the first time Rogan has hosted Musk on his podcast. His appearance on the show back in 2018 lit up the internet after the two smoked marijuana together.

Meanwhile, Tesla is preparing to resume some car production at its Fremont, Calif., factory by next week, potentially in violation of local coronavirus rules. California Gov. Gavin Newsom has said some plants may soon reopen, but it was unclear if Tesla’s operations would be included.

Tesla /zigman2/quotes/203558040/composite TSLA -1.37% reported first-quarter earnings last week, posting a surprising profit and saying its goal of selling 500,000 vehicles this year remains on track. Tesla shares have almost doubled so far this year while the S&P /zigman2/quotes/210599714/realtime SPX -0.39% has logged a double-digit decline.

/zigman2/quotes/208872451/composite
US : U.S.: NYSE
$ 284,946
-573.55 -0.20%
Volume: 124.00
July 16, 2020 1:26p
P/E Ratio
47.61
Dividend Yield
N/A
Market Cap
$462.85 billion
Rev. per Employee
$637,113
loading...
/zigman2/quotes/209159848/composite
US : U.S.: NYSE
$ 46.38
-0.02 -0.04%
Volume: 5.98M
July 16, 2020 1:29p
P/E Ratio
19.98
Dividend Yield
3.54%
Market Cap
$199.28 billion
Rev. per Employee
$506,342
loading...
/zigman2/quotes/208744353/composite
US : U.S.: Nasdaq
$ 134.06
+0.37 +0.28%
Volume: 1.91M
July 16, 2020 1:29p
P/E Ratio
27.36
Dividend Yield
3.05%
Market Cap
$185.11 billion
Rev. per Employee
$242,172
loading...
/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,524.89
-21.12 -1.37%
Volume: 9.54M
July 16, 2020 1:29p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$286.75 billion
Rev. per Employee
$439,627
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,213.85
-12.71 -0.39%
Volume: 1.25B
July 16, 2020 1:29p
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Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.

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