Buffett proposed to invest $3bn in Uber but talks failed

Uber CEO Dara Khosrowshahi proposed decreasing the size of the deal to US$2 billion

CHARLES PLATIAU AP Uber CEO Dara Khosrowshahi proposed decreasing the size of the deal to US$2 billion

Buffett added that he's a "great admirer" of Uber Chief Executive, Dara Khosrowshahi.

Investor Warren Buffett was in a hurry to invest the $ 3 billion colossal amount in Uber, but the negotiations on the deal failed.

Berkshire Hathaway's $3 billion cash injection would help the ride share company prepare for its IPO next year.

A Berkshire investment in Uber would have looked similar to Buffett's $5 billion deal with Goldman Sachs, Bloomberg said. The company earned billions on those investments.

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In the wake of that shake-up, Japan's Softbank bought a significant stake in Uber at the significantly reduced valuation of $48 billion. However, talks fell apart between the two parties because of "disagreements over the terms and size of the deal".

Under the proposed agreement, Buffet's investment firm Berkshire Hathaway Inc would have provided a convertible loan to Uber that would protect his investment should the ride-sharing company hit financial difficulty, according to the report which cited people familiar with the proposal.

Uber did not immediately return CNBC's requests for comment. A spokesman for Uber declined to comment.

While the billionaire investing guru confirmed the existence of his talks with Uber to CNBC, he noted that the details remain hazy, and appeared doubtful of much of the public speculation surrounding the potential transaction.

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Uber had a strong first quarter, with their net revenue up 67% on-year and losses narrowed almost 50% on-year. But the Berkshire discussions show the company's continued appetite for capital.

"Like Warren said, we did have discussions", Khosrowshahi said. Uber had also just received $1.25 billion from a large deal with SoftBank in January.

"What we talk about in terms of social value investing is really more about how different partners come together to collaborate", Buffett told Liz Claman during a FOX Business interview on Thursday.

In recent months, Uber has been working to find its footing after controversies over its culture and the fatal crash of one of its self-driving cars in March.

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