Tesla founder and present Twitter proprietor, Elon Musk, revealed that Charles Munger, an economist and investor, could have invested within the electrical automobile firm in 2008, when it was nonetheless valued at $200 million. By comparability, Tesla’s present capitalization is about 3,000 occasions bigger at round $615 billion. At its peak in November 2021, the corporate was valued at $1.23 trillion.
Musk’s followers weren’t sluggish to sarcastically assess the experience of Munger, described by the media as Warren Buffett’s right-hand man, in expertise investing, recalling particularly his harsh rhetoric on Bitcoin (BTC) and cryptocurrencies. Analyst and former head of crypto at ARK Make investments, Chris Burniske, stated that Munger is aware of precisely learn how to miss out on an opportunity of 1000’s of % returns.
Munger certain is aware of learn how to miss a 1000x when he sees one. https://t.co/Xh8gqVbOxb
— Chris Burniske (@cburniske) February 26, 2023
Earlier, 99-year-old Munger printed an article stating that crypto property are nothing greater than contracts for playing, calling them “rat poison.” He additionally known as on the U.S. authorities to comply with within the footsteps of China and ban cryptocurrencies.
Curiously, the regulatory nightmare over cryptocurrencies in February started instantly after repeated requires a ban from Munger within the first half of the month. That is humorous as a result of the drawdown within the crypto market in December 2021 started simply after one other spherical of criticism from the investor. Since then, his speeches on cryptocurrencies have come to be seen as a sort of sign from boomers, expressing public outrage.