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Elon Musk is About to Wipe Out Warren Buffett’s Biggest Business

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By CCN: A new report out of ARK Invest is wildly bullish on self-driving technology powered by the likes of Tesla and Uber. But the autonomous revolution will come at a huge cost for Warren Buffett’s biggest business: insurance. The firm, which manages $3 billion assets, says the car insurance industry faces its “biggest threat in history” as Elon Musk and others ramp up self-driving networks. In the next 5-10 years, as riders may increasingly choose to travel on autonomous taxi networks, the auto insurance industry (a $220 billion market) will face the biggest threat in its history, a collapse

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* First published on ccn.com

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