Is Elon Musk REALLY making candy? SpaceX and Tesla founder posts pic of Boring Company branded sweets to Instagram

  • Elon Musk tweeted a photo of his Boring Company branded candy on Thursday  
  • He first teased the idea earlier this month, saying ‘I’m starting a candy company’ 
  • To prove he wasn’t joking he added in a tweet ‘I am super super serious’
  • The billionaire also seemingly challenged Warren Buffet on Twitter, who bought See’s Candy which now makes nearly $100 million every year

Elon Musk is doubling down on his bet to create a candy company. 

The billionaire tech mogul shared a photo of some Boring Company-branded candy to his Instagram on Thursday with just the caption ‘lol’. 

It didn’t take long for Musk to kick off his candy venture, after tweeting earlier this month that he’s ‘super super serious’ about starting a candy company.

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Billionaire tech mogul and Tesla founder Elon Musk shared a photo of some Boring Company-branded candy to his Instagram on Thursday with just the caption ‘lol’

His initial tweet read ‘I’m starting a candy company & it’s going to be amazing,’ which has since garnered over 44,00 retweets and more than 259,000 likes.

Musk has a tendency to create some of his wildest ideas on Twitter. 

Many of them fall under his tunneling company, as he’s previously launched Boring Company-branded flamethrowers and hats, raising hundreds of thousands in the process. 

The origins of Musk’s burgeoning candy company involve a contentious fight between him and another well-known mogul.  

The billionaire seemingly challenged Warren Buffet, 87, on Twitter, who bought See’s Candy which now makes nearly $100 million every year.

In a call with analysts, Musk said that economic moats are ‘lame.’ A moat is a term coined by Buffett to describe a company’s competitive advantage.

His initial tweet read ‘I’m starting a candy company & it’s going to be amazing,’ which has since garnered 41,061 retweets 235,819 likes

Just in case his 21.6M Twitter followers didn’t believe him, he added ‘I am super super serious’

He said ‘They are like good in a type of quaint, vestigial manner. If the only defence you have against an attacking army is a moat, we will not last that long. What matters is the speed of innovation is the basic determinant of competitiveness.’

Then on Saturday during his annual Berkshire Hathaway meeting Buffett responded by saying moats are still a good idea and that his See’s Candies business is a good example.

‘Certainly, you should work on improving your own moat and you should defend your own moat all the time. Elon can change things upside down in certain areas. You do not want to take them on in candy business.’

On Twitter Musk wrote ‘Then I’m going to build a moat & fill it w candy. Warren B will not be able to resist investing! Berkshire Hathaway kryptonite …’

Buffett revealed profits were up nearly 20 times and stood at $82 million at See’s Candy. Berkshire Hathaway, owned by Buffet, now earns nearly three times the cost of its original investment.

Musk, who is the force behind Tesla and the exploration company SpaceX, has a net worth of $19.4 billion. 

On Twitter Musk wrote ‘Then I’m going to build a moat & fill it w candy. Warren B will not be able to resist investing! Berkshire Hathaway kryptonite …’


The billionaire seemingly challenged Warren Buffet on Twitter, who bought See’s Candy which now makes nearly $100 million every year

However, after making some very candid insults, it appears to have cost Tesla $2 billion (£1.47bn) overnight.

That’s the total wiped off the electric vehicle company’s market value, seemingly in response to the CEO’s rude attitude during a quarterly earnings call yesterday.

Tesla’s total market capitalisation – its total share value multiplied by shares held – was $51.3 billion (£37.7bn) at the close of the Nasdaq stock exchange. 

The billionaire branded one industry analyst a ‘boring bonehead’ during the bizarre session, saying another’s ‘questions are so dry they are killing me’.

His lack of respect for the participants looks to have led to a five per cent nosedive in the business’ shares after trading closed yesterday.

Share prices dropped from a closing price of $301.15 (£221.50) yesterday to a pre-market low of $278 (£204) at the time of publication.  

The billionaire branded one industry analyst a ‘boring bonehead’ during the bizarre session, leading to a five per cent nosedive in the business’ shares. The awkward exchange was just one of a number of unusual moments that took place during the teleconference call

The financial impact of Musk’s attitude is particularly noticeable, given that Tesla had just posted its biggest-ever quarterly loss with little reaction from markets. This graph shows the share price history of Tesla over the past 12 months

 

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