Elon Musk Tweets About Starting Candy Company. He's 'Super Serious'

Ruben Ruiz
May 7, 2018

Berkshire Hathaway acquired See's sweets in 1972, and Buffett is famously fond of its peanut brittle- which he and his business partner Charlie Munger continuously munch on while answering questions for six hours at their shareholder meeting each year.

Companies have long heard demands from activists, but banks and investors are increasingly facing pressure to use their monetary clout to wield power normally afforded to lawmakers. He said he and Buffett do not approve of all repurchase strategies.

Many shareholders say they trust that Buffett has a solid succession plan in place.

On Saturday, a shareholder submitted a question about that stance, citing Buffett's decades-old testimony before Congress after he took over troubled Salomon Brothers. Other investors applauded the question.

Both Buffett and Munger loathe cryptocurrencies, which the Berkshire CEO on Saturday predicted "will come to bad endings". The response drew even bigger applause. "I think they've got it all taken care of as far as what will happen when they eventually retire or move on".

"This historically has been a festive environment and a celebration of what Berkshire has accomplished", Jim Shanahan, an Edward Jones & Co. analyst, said in an interview. Buffett was firm in his support of the bank, where Berkshire is the largest shareholder.

Buffett said Wells Fargo appears to have learned a valuable lesson from the scandals and that he thinks it's likely to avoid future problems.

- "If you're going to live a long time, you're going to have to continue learning", Munger said.

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Another tweet by Musk: "Ok ok, just for sake of argument, what do u wish for in candy?" followed by a lollipop emoji.

A supporter of Hillary Clinton in the 2016 presidential election, Buffett has carefully avoided directly addressing some of President Donald Trump's actions and policies. However, trade benefits are "huge", he said.

"He's very cautious and he's politically savvy", Shanahan said. Its insurance and utility businesses typically account for more than half of the company's net income.

Last week, Apple reported its profit in the first three months of the year stood at $13.8 billion, a 25 percent increase from the corresponding period 12 months earlier. The pair often talk about trying to expand the "moats" around their businesses.

According to the executive, the company has a "pretty good idea" on how to properly assess the probabilities for earthquakes in California and hurricanes in Florida, but not with computer hacking threats. "And Elon may turn things upside down in some areas", Buffett said during the Berkshire meeting in Omaha.

"I'm starting a candy company and it's going to be wonderful", Musk tweeted on Saturday.

Although the Tesla CEO insisted he was "super super serious", the tone of his Twitter thread - in which he also noted that "the plot of Willy Wonka is really messed up" - suggested otherwise.

Other reports by GizPress

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