Elon Musk Is Astonished By Warren Buffett's Berkshire Hathaway Amassing As Much Cash As Tesla CEO's Wealth: 'Wow'

Tesla Inc. TSLA CEO Elon Musk expressed surprise after Warren Buffett revealed that Berkshire Hathaway, Inc.'s BRK BRK cash pile stands at $189 billion.

What Happened: Musk was left astonished at just how much cash Berkshire Hathaway has on its books, after the Omaha-based investment conglomerate offloaded stocks during the first quarter of 2024.

According to Berkshire Hathaway's filings, the company pared its investments by $20 billion during the first three months of 2024 and bought $2.7 billion worth of stocks during this period.

As a result, its net inflow from this activity stood at $17.3 billion, boosting its cash pile to a record $189 billion.

Musk’s current wealth currently stands at $192 billion, making him the third richest person in the world, according to the Bloomberg Billionaires Index.

Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.

This elicited a one-word reaction from Musk, who said, "Wow."

This is the fourth consecutive quarter of a rise in Berkshire Hathaway's cash pile.

Berkshire pared its Apple Inc. holdings by a significant margin – its investment in the iPhone maker was down to $135.4 billion at the end of Q1 2024, from $174.3 billion at the end of 2023.

See Also: ‘AI Revolution Now Coming To Cupertino:’ Tech Bull Says Betting Against Apple’s Tim Cook Has Been ‘Proven Wrong Again And Again’

Musk Asks Buffett To Invest In Tesla

Musk also thinks it's "obvious" for Buffett to invest in Tesla. This comes at a time when Musk's company, Tesla, reported a negative cash flow of $2.2 billion during Q1 2024.

"He should take a position in Tesla. It's an obvious move."

Despite a 25% rally in Tesla shares since the company's Q1 2024 earnings call, the EV maker's stock is still down 27% in 2024 so far.

Buffett was also asked about Tesla's full self-driving (FSD) technology bringing down insurance rates, impacting GEICO, one of Berkshire's portfolio companies.

Although he did not directly comment on Tesla's claims and capabilities, he did say that a reduction in accidents is good for society, which is what "we're looking for."

Check out more of Benzinga’s Consumer Tech coverage by following this link.

Read Next: Warren Buffett’s Frugal Lifestyle Hacks Saved Millions — Here Are 5 Tips To Follow Suit In Your Everyday Life

Photos courtesy: Flickr

Market News and Data brought to you by Benzinga APIs
Posted In: EquitiesNewsMarketsTechConsumer TechElon MuskPeople In TechWarren Buffett
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!