Tesla (NASDAQ: TSLA) CEO Elon Musk and Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO Warren Buffett are two of the wealthiest people in the world, and titans of American business.

However, the two have dramatically different approaches to business. Buffett favors timeless business models and companies with wide economic moats. He loves the insurance industry. For example, Berkshire owns GEICO and a number of other insurance companies, and he favors big-brand stocks like Apple and Coca-Cola.

Elon Musk, on the other hand, sees innovation as the major point of differentiation in business, and is a big-thinking visionary with dreams of colonizing Mars and embedding microchips in people's brains. Musk even took a swipe at the concept of economic moats once, saying back in 2018, "Moats are lame."

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Source Fool.com