Monday, May 21, 2018

Is Elon Musk serious about getting into the candy business?

Earlier this month, business magnate, inventor and engineer Elon Musk got into a tiff with billionaire investor Warren Buffett. It started with a difference of opinion about the business concept of moats and ended with Musk vowing to take on Buffett in the candy industry.
Buffett’s holding company, Berkshire Hathaway, owns See’s Candies. Based in South San Francisco, Calif., See’s Candies is 47th largest candy company in the world with annual sales of about $430 million, according to Candy Industry magazine.
Buffett said Musk wouldn’t want to come after him in the candy business. But Musk accepted the challenge. He took to Twitter and wrote, “I’m starting a candy company & it’s going to be amazing.”
He added, “I am super super serious.”
Musk then solicited advice from his Twitter followers about what they’d wish for in his candy venture. Some suggested that Musk be like fictional Willy Wonka and give out golden tickets for rides on his SpaceX rocket.
The National Confectioners Association joined in the fun and invited Musk to the annual Sweets and Snacks Expo, which runs May 22 through 24 in Chicago. The trade group even registered him for the event, hoping he’ll show up.
Is Musk just pulling everybody’s leg? Or is he really truly interested in getting into the candy business?
Musk has been involved in a host of businesses including PayPal, SolarCity and Tesla. So we’ll see.




Related articles:

Musk Is ‘Super Super Serious’ About Attacking Buffett's Candy Moat (Bloomberg; May 5, 2018)

Warren Buffett Vs. Elon Musk: Who’s Better at Selling Candy? (Wall Street Journal; May 5, 2018)

Why Elon Musk and Warren Buffett Are Suddenly Trolling Each Other Over See's Candies (Fortune; May 5, 2018)

Photo: Elon Musk at a SpaceX facility in Texas in September 2012. (Photo by Steve Jurvetson on Flickr.)

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