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MoneyBuffett on Tesla's plan to sell insurance: 'I'd bet against any company in the auto business'

09:25  05 may  2019
09:25  05 may  2019 Source:   cnbc.com

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" I ' d bet against any company in the auto business " getting into insurance , he said. About one-third of Berkshire Hathaway' s business is in the insurance space and that includes Geico. Before the annual meeting on Saturday, Buffett said Geico' s value has risen more than billion.

Buffett knocks Elon Musk' s plan for Tesla to sell insurance : 'It' s not an easy business '. Buffett is not impressed, however. " I ' d bet against any company in the auto business " getting into "The success of the auto companies getting into the insurance business is probably as likely as the

Buffett on Tesla's plan to sell insurance: 'I'd bet against any company in the auto business'© Provided by CNBC LLC Warren Buffett and Elon Musk

OMAHA, Neb. — Warren Buffett said Elon Musk's Tesla will probably struggle as it ventures into the insurance business, a field in which Berkshire Hathaway thrives in.

"It's not an easy business," Buffett told shareholders at the Berkshire Hathaway annual meeting. "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."

Musk told analysts in an earnings conference call last month that Tesla would be launching its own insurance product later in May. He said that Tesla has "direct knowledge" of a person's risk profile "based on the car," which gives it an "information arbitrage opportunity."

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Buffett knocks Elon Musk' s plan for Tesla to sell insurance : 'It' s not an easy business '. Published Sat, May 4 2019 4:41 PM EDTUpdated Sun, May 5 2019 5:57 AM EDT. Buffett is not impressed, however. " I ' d bet against any company in the auto business " getting into insurance , he said.

Warren Buffett hasn't shied away from criticizing Musk' s plans to sell insurance . Unimpressed by the ambitious claims, Buffett chimed in, saying: " I ' d bet against any company in the auto Warren Buffett and Elon Musk have had some strong things to say about one another in the public sphere

Buffett is not impressed, however.

"I'd bet against any company in the auto business" getting into insurance, he said. "I worry much more about Progressive."

About one-third of Berkshire Hathaway's business is in the insurance space and that includes Geico. Before the annual meeting on Saturday, Buffett said Geico's value has risen more than $50 billion.

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