After Beef With Warren Buffett, Elon Musk ‘Seriously’ Starting Candy Company And/Or Cryptocurrency
Elon Musk is “seriously” starting his own candy company or a cryptocurrency or both. On Saturday, the Tesla and SpaceX founder made a rather shocking declaration on Twitter that he was starting his own candy company. The tweet said: “I’m starting a candy company & it’s going to be amazing.” He followed it up by letting the world know he was “super super serious.”
Earlier in the day, Warren Buffett spoke at the annual Berkshire Hathaway meeting. The Oracle of Omaha warned Musk to stay away from See’s Candies, which is a nationwide candy company that has been owned by Berkshire Hathaway since 1972. Musk must have taken Buffett’s words as a challenge because he said he’s starting his own candy company.
The two multi-billionaires got into a squabble after Elon poo-pooed the idea of moats that Buffett coined in 1999. Moats are a company’s competitive advantages that allow it to stave off competition. “First of all, I think moats are lame,” Musk said during a Tesla earnings call on May 2. “They’re like nice in a sort of quaint, vestigial way. But if your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation. That is the fundamental determinant of competitiveness.”