Warren Buffett says that he doesn’t want to compete with Elon Musk – and especially Tesla – as he divests from BYD.
Over the last year, Warren Buffett’s Berkshire Hathaway has been divesting from Chinese automaker BYD. Last week, Berkshire Hathaway sold two million BYD shares again.
Following the last sale, Buffett and his number two, Charlie Munger, said that they don’t want to compete with Elon Musk, Tesla CEO, during their annual shareholder meeting (via Business Insider):
“We don’t want to compete with Elon in a lot of things,” Buffett said on Saturday. Munger quickly added on to Buffett’s comment, [saying] “We don’t want that much failure.”
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