I would have a “ different rate if Elon was on board ”

Berkshire Hathaway (BRK-A, BRK-B) CEO Warren Buffett has message on the insurability of Elon Musk’s future SpaceX missions. “It would depend on the premium,” the Oracle of Omaha joked Saturday at Berkshire’s annual meeting of shareholders, broadcast live exclusively on Yahoo Finance.

During an extensive question-and-answer session with Buffett and Berkshire Hathaway VPs Charlie Munger, Ajit Jain and Greg Abel, a shareholder asked whether the conglomerate would be open to an Elon call. Musk with a SpaceX insurance claim. future mission and colonization of Mars.

The question was directed to Jain, who is in charge of Berkshire’s insurance business and is seen as a possible frontrunner to succeed Buffett as CEO.

“Specifically, he wants insurance to insure SpaceX’s heavy rocket, capsule, payload and human capital,” the shareholder said of the hypothetical claim.

Without hesitation, Jain replied, “It’s easy. No thanks. I will come.”

SpaceX founder Elon Musk arrives prior to the launch of the SpaceX Falcon 9 rocket with the Crew Dragon capsule, prior to the launch of their NASA commercial crew mission at the Kennedy Space Center in Cape Canaveral, Florida, USA , April 23, 2021. REUTERS / Joe Skipper

Buffett, who loves Musk is one of the richest people in the world, joked that he would be more willing to ensure SpaceX’s goal of landing humans on Mars, he promised to do by 2024.

“Well, I would say it would depend on the premium. And I would say that I would probably have a somewhat different rate if Elon was on board, or not on board, ”added Buffett, referring to the famous CEO of SpaceX and the electric car company Tesla (TSLA).

Buffett continued, explaining why his fare would change based on adding Musk to the mission’s passenger list, “No, that makes a difference! If someone asks to insure something … that’s called having skin in the game. “

However, Jain wasn’t going to let the storyline end without asserting his more conservative approach. “In general, I would be very concerned about drafting an insurance policy where Elon Musk is on the other side,” he joked.

“Tell Elon to call me instead of Ajit,” Buffet said with the last word.

While Berkshire Hathaway owns 100% or owns stakes in companies in a number of industries, from technology to fast food to underwear, insurance is one of its “jewels of”. family ”and“ the heart of Berkshire, ”Buffett said in his annual letter to shareholders this year. .

For his part, Musk and his companies continue to push the boundaries, getting into trouble with federal regulators on Tesla’s autonomous driving technology and SpaceX’s rocket launches. While NASA awarded SpaceX a contract last month for a lunar spacecraft, Musk’s company was briefed on Friday put the project on hold while rival bidders dispute the contract.

SpaceX makes the news during the day after the Berkshire meeting. Early Sunday morning, SpaceX successfully returned a group of international astronauts to Earth in the company’s Crew Dragon “Resilience” capsule. The four astronauts landed in the Gulf of Mexico near Panama City, Florida, after spending about six months on the International Space Station.

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Alexis keenan is a legal reporter for Yahoo Finance and a former litigation lawyer. Follow Alexis Keenan on Twitter @alexiskweed.

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