“I was at lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail,” said Elon Musk in a reply tweet.
“Made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway,” he added further.
Later on in 2010, Tesla became the second American automaker to go public, after Ford Motor Company which had issued its IPO in 1956. Since its listing, Tesla stock has given an unbelievable return of 24,000 per cent, jumping to $924 on Wednesday from $3.84 in July 2010.
Munger, who has been the vice-chairman of Warren Buffet’s conglomerate Berkshire Hathaway Inc since 1978, is also a vocal critic of cryptocurrencies while Musk has been a vocal supporter.
On Wednesday, the 98-year-old investor said cryptocurrencies should have been banned and likened it to “venereal disease”.
On the contrary, Musk is fondly known as ‘DogeFather’ and has been invested in crypto assets including Bitcoin and Dogecoin.
Tesla held $1.5 billion in Bitcoins by the end of last year. The company also accepts Dogecoin for some of its merchandise.
Founded in 2003, Tesla is one the world’s most valuable companies and a leading automaker across the world. The company scaled a market cap of $1 trillion in 2021. Its current valuations stands at about $955 billion.
