Buffett proposed to invest $3 billion in Uber, but talks failed, says report
Updated : May 31, 2018 09:56 AM IST
Billionaire Warren Buffett had proposed to invest $3 billion in Uber Technologies Inc earlier this year, but the talks failed following disagreements over the deal's terms, Bloomberg reported on Wednesday, citing unidentified people familiar with the matter.
Buffett's Berkshire Hathaway Inc would have provided a convertible loan to Uber that would have protected Buffett's investment should the Silicon Valley ride-hailing company hit financial crisis, the report said.
Uber Chief Executive Officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company. The deal fell after the two sides could not agree on terms, Bloomberg reported, citing a source.