Friday, January 21, 2022

Uber Rejects $3B Investment Offer From Buffett

Early this year, Billionaire Warren Buffett proposed to invest $3 billion in Uber Technologies, but the talks failed following disagreements over the deal’s terms. Bloomberg reported Wednesday, citing unidentified people familiar with the matter.

Buffett’s Berkshire Hathaway would have made available a convertible loan to Uber that would have protected Buffett’s investment should the Silicon Valley ride-hailing company hit a financial crisis, the report said.

Dara Khosrowshahi, Uber chief executive officer proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company. The deal fell apart after the two sides failed to agree on terms.

Buffett told CNBC that “some of the reported details are not correct” but confirmed that Berkshire did have talks with Uber.

Khosrowshahi also confirmed in an interview with CNBC that Uber did have discussions with Buffett, but added that he didn’t think “the reporting was entirely accurate.”

Asked about whether the talks could resume, Khosrowshahi said it was “always possible” and he would welcome any kind of dialogue with Buffett.

A representative for Buffett did not immediately respond to a request for comment. An Uber spokesman declined to comment.

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